FTSE

Thanks T/s. On the other hand, a close below 6106 (an even better a close below 6100) would leave a shooting star at this important level with bearish RSI and MACD divergences so a short would be in order then with a stop above today's high I suppose.

It would be a bit surprising if it brokw through 6106 on its first attempt at that important level.

There are obvious trades either way here so the key is to wait and see how it closes and then follow that IMHO.

Thought you'd be on the case Sir!...my just for fun quick snapshot

If this closes above 6106 today then I'm going to go long with a stop below the recent swing low at 6053. I know that's a wide stop for the FTSE but I think it's the right one. The alternative would be to wait for a backtest of the breakout from 6106 (assuming there is one). Here's a weekly chart showing the next major resistances at 6377 and the all-time high at 6754:



dl.dropbox.com/u/20815047/FTSEweekly10_01_13.gif

Again, note how the RSI downtrend which started off with the weekly bearish divergence at the 13th July 2007 6754 looks like it'll be broken this week. These are long term RSI trends so it could bode well for longs.

I tend to agree, i 've had an interim target of around 6141-6171 area before xmas as per previous thread, i may need to re-adjust this target now

I think we are in an early state of minute 3 of int 3 of major 3 of 5.... well that what im counting it as..... will try n post up a chart later and some new targets.

I also see US indices making new highs very soon.

I went short on this at 6104 yesterday but bailed out at 6085. This looks really bullish to me now so I'm looking to go long targetting next resistance at 6377. Any other veiws?

only 11 points away!!!!