FTSE Forecast November 17, 2015, Technical Analysis

The FTSE had a back-and-forth type of session during the day on Tuesday, testing the 6100 level for support. The neutral candle of course suggests that the market isn’t quite ready to do anything yet, but we do believe that a move above the top of the range for the day on Monday could represent a bounce that should send the market towards the 6350 handle. We don’t really have any interest in selling, even though we recognize that we could drift towards the 6000 handle. At this moment in time, it is difficult to short this market, especially considering that we have the CPI numbers coming out of the United Kingdom today. This could be a catalyst to move the market higher.