Charmer Charts FTSE daily technical analysis forecast

[CharmerCharts]

FTSE struggling at a trend line which is keeping a lid on prices at present. This comes
in today at 5462.
If we cannot hold above 5432/30 then look for a test of better support at 5398/96
and there is a good chance of a bounce from here. Buyers may wish to add down to
5384/80. However stops on long positions placed below here could then send prices
down to 5365/60 next which should be enough on the downside for today. If it does
fail then look for 5330/28.
Only a sustained break above 5459/62 resistance allows prices to continue the run
higher with 5494/98 the next target. Above 5512 would then see bulls moving forward
as they chase 5542/50 today.

 

[CharmerCharts]

FTSE tumbled to our target of 5384/80 and closed only slightly above so this level will be important today.

If we can hold above here then we could look to test resistance at 5417 which could be too tough to beat and may see heavy selling here again. Only a sustained break above 5427 allows further gains to 5441. Above here we meet 5459/62 resistance which is unlikely to give way today so this should act as a good selling opportunity.

5372 down to 5365 could act as a decent support band today but bulls will have to throw in the towel below 5359 as we see 5351 on the way to 5330/28. Watch for short covering here to hold the market and perhaps mark a low here today as brave buyers attempt longs. However a break below 5320 should trigger stops on longs as we tumble towards 5307 and then 5297/91 as the next target.

 

[swissy]

Thank you for posting your analysis.

Swiss

 

[CharmerCharts]

Thank you for posting your analysis.

Swiss

Pleasure...hope it helps!

 

[pratik1762006]

FTSE tumbled to our target of 5384/80 and closed only slightly above so this level will be important today.

If we can hold above here then we could look to test resistance at 5417 which could be too tough to beat and may see heavy selling here again. Only a sustained break above 5427 allows further gains to 5441. Above here we meet 5459/62 resistance which is unlikely to give way today so this should act as a good selling opportunity.

5372 down to 5365 could act as a decent support band today but bulls will have to throw in the towel below 5359 as we see 5351 on the way to 5330/28. Watch for short covering here to hold the market and perhaps mark a low here today as brave buyers attempt longs. However a break below 5320 should trigger stops on longs as we tumble towards 5307 and then 5297/91 as the next target.

Dude your analysis rocks

 

[pratik1762006]

Thank you! Hope it helped you today! Pay us a visit at charmercharts.com

Yes it helped alot. Your analysis are really good

 

[CharmerCharts]

FTSE dipped to 5365 support and held above 5359 as hoped as the market turned and shot higher through 5427 to 5447. Despite the fairly firm close, the market could be set to turn lower today.
Your first support area today is seen at 5397/93 and below here we should see 5381 on the way to 5372 for short covering. Buyers could wait for 5359/53 before attempting longs today for a quick turn with tight stops below 5350 as this signals further losses to a target of 5330/28. This level could mark the low for today, as long as we hold above 5320. If we fail here, look for 5297/91 as the next stop.
Above 5451 we meet 5459/62 resistance which are the highs from Monday’s open and are unlikely to give way today so this should act as a good selling opportunity up to 5468 today. Only a break above 5477 rescues bulls for a run to 5494/98.

 

[CharmerCharts]

FTSE dipped 5411 and then shot higher unexpectedly to reach 5498 and over stretched a little to 5506.
Initial support today is at 5454/53. Look for short covering here but below 5450 sees further support today at 5437/32 where buyers may wish to attempt longs and add to them down to 5421 as there is a good chance of a low here today. A break lower however signals further losses to come with 5401/5397 likely to be tested. If we manage to fall any further today, look for excellent support at 5371/68.
If we can hold above 5454 then we could see another test of 5506 today. Above here 5513, bulls will want to keep pushing forward to 5542/50 as the next target. We should look overbought at this stage so perhaps this is a far as we can go on the upside for today. However if we do make it through 5550 look for 5575 on the way to 5598/5600.

 

[StephenMcCreedy]

this is the line i've been gunning for for the last few weeks. i reckon i want to get short here, or at least give it a few tries with a tight stop and massive target, like 4800,4650 or 4350!

 

[StephenMcCreedy]

sorry, forgot chart!

 

[CharmerCharts]

FTSE dipped a little to 5475 before testing the week’s highs and reaching 5513.
An open above 5513 has bulls pushing forward to 5542/50 as the next target. We
should look overbought at this stage so perhaps this is a far as we can go on the upside
for today. However if we do make it through 5550 look for 5575 on the way to 5598/5600.
Initial support today is at 5494/89. Look for short covering here there’s further support today at 5477/74 where buyers may wish to attempt longs and add to them down to 5462 as there is a good chance of a low here today. A break lower however signals further losses to come with 5453/50 likely to be tested.

 

[Lord Flasheart]

charmer all of your info is very vague with,anyone could right that. and you also seem to know about every product going.why not make some proper calls live and in realtime with stops etc

 

[CharmerCharts]

charmer all of your info is very vague with,anyone could right that. and you also seem to know about every product going.why not make some proper calls live and in realtime with stops etc

Many thanks for your feedback and suggestions...always appreciated. If I may be premitted to respond, you will see that FTSE hit 5553, just 3 ticks above our 5550 target in the first hour before retracing to 5530. The market then broke higher to our next target, stopping just 4 ticks from the next target at 5575...and this is the high of the day (So far!)

 

[CharmerCharts]

FTSE broke 5575 but only reached 5584 before turning lower.
We will need to break through the 5575/85 resistance in order to test further resistance at 5598/5600. Any shorts instated here will need to stopped out above 5610. Next target above is 5621/24 and then 5653. Stops above 5665 then could take the market up to 5716/20.
Initial support is seen at 5542 again today but below 5537 look for a test of 5522/18. This could see buyers attempting longs here with stops below 5508 as this should keep the market correcting lower to the next decent level of support, seen at 5498. Buyers will be looking to establish longs here. Stops below 5490 however could send prices down to 5477/72 which could mark the low for today if we fall this far.

 

[CharmerCharts]

FTSE bottomed at the 5535 support and this may be enough of a correction for now.
We will need to break through the 5575/85 resistance in order to test further resistance at 5598/5600. Any shorts instated here will need to stopped out above 5610. Next target above is 5621/24 and then 5653. Stops above 5665 then could take the market up to 5716/20.
Initial support is seen at 5535/34 again today but below 5530 look for a test of 5522/18. This could see buyers attempting small longs here with stops below 5508 as this should keep the market correcting lower to the next decent level of support, seen at 5498. Buyers will be looking to establish longs here. Stops below 5490 however could send prices down to 5477/72 which could mark the low for today if we fall this far so this should be a very good buying opportunity.

 

[CharmerCharts]

FTSE Dec contract will need to break through the 5575/85 resistance in order to test further resistance at 5598/5600. Any shorts instated here will need to stopped out above 5610. Next target above is 5621/24 and then 5653. Stops above 5665 then could take the market up to 5716/20.

Initial support is seen at 5550/42 today but below here look for a test of 552/17. This could see buyers attempting small longs here with stops below 5510 as this should keep the market correcting lower to the next level of support, seen at 5484/82. Buyers will be looking to establish longs here. Stops below 5477 however could send prices down to 5457/48 which should be a very good buying opportunity.

 

[CharmerCharts]

FTSE gapped open to beat the week’s highs but very quickly reversed and plunged lower to 5471.
The trendline you see in the chart managed to hold the downside and this coupled with the longer term Fibonacci support at 5472 should see the market bounce today for a better selling opportunity. If we can make it above 5498/5501 look for 5519/20 initially. This could be tough to beat but if successful bulls will aim for 5534/35. Sellers will be looking to establish shorts here and add up to 5550 as we are unlikely to make it any higher today.
If we cannot make it past 5501 then a rested of 5471 is possible. This could hold again today as it is very solid support but if it fails look for 5441/30 for short covering as brave buyers attempt longs for a small bounce, perhaps as far as 5471 for a quick profit as sellers look to get short here once again.

 

[CharmerCharts]

FTSE held the trend line to see the market bounce as hoped but we went further than expected, to reach 5616.
We did not manage a close above 5608 and with the markets severely overbought we could see profit taking today. Below 5585/82 sees 5560 where we should see some short covering. Buyers may want to attempt longs down to 5552 but a break below 5542 signals further selling pressure to 5526 and then 5512 today. Only a break below 5500 then keeps bears in control for 5480/70.
A break above 5616 is required to keep the rally alive and should take prices to 5634/37 for profit taking and then maybe attempting shorts at 5641/46. Stops above 5653 needed as this targets a move to 5665/67 before solid resistance at 5682/88.

 

[CharmerCharts]

FTSE tried but failed to break Monday's highs leaving a small double top in place. We wrote: ‘‘Buyers may want to attempt longs down to 5552 but a break below 5542 signals further selling pressure'' . We just held on above 5542, with 5543 the low allowing buyers a healthy short term profit as we bounced back to 5600. If we hold below resistance at 5585/82 buyers may want to attempt longs on a slide down to 5550/43 support once again. However stops below 5540 needed as this signals further selling pressure to 5526 and then 5513 today. Only a break below the opening gap to 5500 then keeps bears in control for 5480/70.

 

[CharmerCharts]

Today's forecast by Charmer Charts:

FTSE just managed to hold on to the opening gap to 5500 and bounced back to 5579. An increase in volatility is often the sign of a change in trend and this serves to back up our theory that we are making a top in this market.

However for today we have continued to hold above the trend line you see in the chart and therefore a test of the upside is possible. 5569 is the level bulls will want to test but this should be a good area to take any profits and perhaps see sellers attempt shorts. Stops needed above 5579 as this could see the market head for the 5589/99 area. This should be tough to beat today so there is a chance of a top here but if we break higher we should see a challenge of the week's highs at 5616.

Below 5523/20 keeps the market under pressure for yesterday's low at 5494. If this fails we should see good support in the 5480/70 area for short covering and buyers may wish to attempt longs. However tight stops are needed as a break lower confirms a top in this market for now and sees sellers jumping back in to pressure the market down to 5453/48 before an initial target for this move of 5404.