Please find below today's early morning FTSE report-
6200 is key today. If we open below we could see a quick move down to 6150 however 5 min bar acceptance back above 6200 would be a positive. After a large sell off now is not the time to get excited about shorting this market and instead I am looking for long set ups. The last 2 weeks of December are historically a bullish time and I am expecting a 50% retrace on the back of this marked against the 8th Dec highs.
I will need to see the open before issuing an official trade however if we open below 6200 aggressive traders can sell the FTSE down to 6165-6150. Stop would be 5 min bar acceptance above 6200. Don't use a high stake.
I will also be on the look out for signs that this market is bottoming.
MEDIUM TERM FORECAST - A MOVE TO 6400 WHILST WE AVOID AN END OF DAY CLOSE BELOW 6072
Kind regards
Mark Austin
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