FTSE Forecast November 3, 2015, Technical Analysis

The FTSE initially fell during the course of the day on Monday, but found enough support just above the 6300 level to turn things back around and form a hammer. The hammer of course is bullish, and as a result we feel it’s only a matter time before we break above the top of that candle in order to start going long again and reach towards the 6500 level. With no interest in selling, there’s far too much support just below to keep the FTSE afloat. In fact, we believe that the actual “floor” is somewhere close to the 6250 level.