FTSE Forecast August 21, 2015, Technical Analysis

The FTSE fell during the session on Thursday, crashing into the 6360 handle. However, we had enough support to turn things back around and form a hammer. This hammer of course suggests that we could get a bit of a bounce, so break above the top of the range for the session on Thursday would in fact be a short-term buying opportunity, perhaps heading to the 6500 level. With this being the case, we also recognize that a break down below the bottom of the hammer would be a selling opportunity as the market should then reach towards the 6250 handle.