Good morning
6055 is the key number this week and we can see the FTSE is reacting to this level with conviction. I mentioned yesterday an upward break through 6055 yesterday would call for higher prices and we have reacted once again to the ceiling of this market. The FTSE has tested the 6090 region 4 times now. Generally the more times a support or resistance level is tested the higher the chance of the market penetrating this level. For this reason I expect higher prices above 6100.
With options expiry tomorrow we may have a quiet session today. If this is the case I expect the market to finally show its hand tomorrow and we could have quite a large move.
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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