FTSE to find difficulty maintaining levels above 7000
FTSE has bounced smartly from above the 6676.56 monthly low of 4 November, with prices now pressuring the 6956.70 retracement.
Extension to congestion around 7000 is highlighted from rising momentum studies, but any further gains are expected to prove difficult to maintain, as the Tension Indicator, (not shown), continues to weaken and investors maintain a cautious stance. A close above 7000, however, would improve sentiment and open up highs towards the critical 7129.83 high of October.
Support is raised to congestion around 6800, but a close below the 6615/76~ lows is needed to confirm continuation of the October bear trend and turn investors bearish once again.
Extension to congestion around 7000 is highlighted from rising momentum studies, but any further gains are expected to prove difficult to maintain, as the Tension Indicator, (not shown), continues to weaken and investors maintain a cautious stance. A close above 7000, however, would improve sentiment and open up highs towards the critical 7129.83 high of October.
Support is raised to congestion around 6800, but a close below the 6615/76~ lows is needed to confirm continuation of the October bear trend and turn investors bearish once again.
