FTSE Forecast October 20, 2014, Technical Analysis

The FTSE as you can see broke higher during the course of the day on Friday, clearing the top of the hammer like candle from Thursday. That being the case, we feel that the market could go higher from here, but we need to clear the 6400 level to feel confident about the positive momentum. That’s because the market would not only break above the next high, but would also break above the top of a massive hammer from the weekly chart as well. With that, we would be very bullish. On the other hand, we think pullbacks could be used as buying opportunities as well.