Tuesday, June 23, 2009

Play for Tuesday, June 23rd

Yesterday we broke out of the 4300-4500 area completely, and after-hours we reached as low as the 4190s.

I suggest looking only for short entries on rallies: a full retrace from yesterday could take us up to the 4290s. However, I would expect the FTSE to go down further before making a strong retrace up: eventually we could see it test the 4300 area as a resistance, but this seems very unlikely for today. The first area of significant support should be met between the 4150s and the 4180s.

In any case, I would look to add on weakness below the 4300 line. I am still short as per the details on the left.

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