Sunday, March 8, 2009

FTSE Outlook for 9th March 2009


My suspicion is that we are on the brink of a counter-trend rally commencing Monday/Tuesday. One of the prime reasons is that we are very close to a timing line on the Square of Nine chart (green vertical). We tend to see reversal at/around these timing lines. Further, Friday's EOD chart shows a Doji bar. A move upwards on Monday would confirm the bullish expectation. (I hope these are not famous last words!)

Possible Upside Target : 3,635.80
Possible Downside Target: 3,439.56

Bullish above 3,568
Bearish below 3,493

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