Spread Betting Opportunities: Posted November 13, 2007
This edition of Spread Betting Opportunities assesses the immediate outlook for the FTSE 100 index.
Short Term Market Outlook: FTSE 100
The most recent chart of the FTSE 100 is presented below.
The strength of the rally on Wall Street on Tuesday after the FTSE 100 had closed trading would undoubtedly set the tone for the Wednesday morning session in London.
In the last review of the Footsie, I highlighted 6380-6400 as the first area of chart resistance for the index. Indeed, Tuesday’s high came in within that price band at 6387.4. What can be expected is that the Footsie would push past the upper band of that resistance range, with the initial upside now between 6455 and 6520.
Despite the overtly bullish outlook for the Footsie, conservative traders should still be mindful of the downside and avoid excessive leverage. Appropriate stop losses should also be applied to any spreadbetting positions.
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