I was rooting for longs on the FTSE for today. I certainly wasn't disappointed! FTSE closed up by 57 points. Despite several interruptions today (doubling-up as a driver!) managed to catch some good trades.
As is evidenced by the intraday chart, there is nice upward channel running on the FTSE. A technique which I cannot reveal here indicates there is further rise to come on the FTSE. I would not be surprised to see the index hit 6425 tomorrow. Odd as it may sound in the current economic situation but the markets are rallying! Never, never argue with the market!
The EOD chart on FTSE also shows a clearly upward channel and points to even higher targets.
Outlook for 14th Sep 2007 There should definitely be some continuation of the rise. Range projection technique suggests a rise of about 52 points (6416) which does tie-up with another technique and the intraday channel itself. PT Approach fires only one signal for tomorrow - a Low Breakout. Should be very interesting tomomrrow!
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