By in commentary, technical analysis

FTSE, Eurostoxx, Brent, Gold, Silver and Bund Technical Analysis

I have been on CNBC this morning talking about the outlook for the FTSE and Eurostoxx after a big week last week.The link for the interview is on our “Media” page here.

The crux of the comment was that the FTSE Futures broke higher to new territory for the year last Thursday, getting above it’s Arpil high at 5796.5. The big question when you get this sort of news driven breakout news is whether it’s sustainable, or whether you should “buy the rumour, sell the news”. In other words are we going to fall over as swiftly as we’ve broken higher? Friday’s price action, I think, offered a clue. We had a big support level at 5822 and it held firm. This suggests to me that the bulls are in charge, and hot to trot.

The next big resistance level above is 6396, the May 2008 high.

The Eurostoxx 50 Future is a different story and still has a few big resistance levels to see off, as I mentioned on CNBC.

Another market making positive noises is Oil, and Brent Crude is now breaking higher, although it has a big level to see off above at 89.58, so we’ll keep a close eye on that situation.

Gold is a hot story and has reached psychologically important resistance at 1400. We aren’t that worried by this level but have a target above that we’re aiming for.

Silver is a standout, and we’re bullish on this one while it’s above $25, and are advising our clients to buy dips to support while we’re holding firm at these levels.

Finally something for the Fixed Income mob. The Bund saw a decent turnaround last week and is back above 130.00. It now looks good to head back to it’s all time high up at 133.26.

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Have a good week,



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