Good morning
Last week the FTSE turned down and I am expecting weaker prices this week.
The selling came in after a double top near to 6100 and a strong gap down on the back of high volume (weak volume moves are associated with false moves). Previous support has been broken at 5946 and this also coincides with the 38.20% Fibonacci retracement level. On Friday prices managed to climb to 5940 on the back of short covering but this was short lived. This will act as resistance going forward.
When I met Mark I was enormously impressed with his FTSE trading abilities, so much so that I decided to recommend him to my clients. John Piper
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