Will 6000 keep up the FTSE Future?
It seems difficoult to understand where the fall can stop.
6.000 could be an important support for the FTSE. We expect higher volumes as soon as the FTSE future reaches this area (in both August and February, the volumes had increased considerably).
The Relative Strength Index is not as low as it was in August in February. This week will tell us a lot about the future of the FTSE.
The charts here below show the actual situation:
- the first is a daily chart: below 5.850 the situation would get worse and worse.
- the second is a weekly chart: it helps give a longer term view.
Next week forecast.
Last week in this article, we were trying to understand where the FTSE future would have stopped its fall.
We had pointed out that 6000 was a decisive step to better know the future. We were expecting it to react to 6000 and it DID!
Furthermore, we were expecting higher volumes and so far we haven't seen the volumes that had characterized August and March rises giving less strength to the signal and making the future still uncertain. The trend is still bearish and we expect the future to fall down again.
- First TP * = 6443 (possible short scenario)
- Second TP * = 6550
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