FTSE 100 Chart 29 June 2010
Ftse betting this week is very much to the downside as the index crashes through the psychological 5000 level and begins to test support immediately belowas it approaches a significant level at 4898.49. This price point signals the low of May which prompted a recovery in the short term for the index to break back above 5200 once again. However, in the last few days we have seen bearish sentiment return once again with trading today so far epitomised with a wide spread down candle coupled with thin trading volumes. Should the 4898 price handle be breached either today, or later in the week then expect to see the ftse 100 break lower as a result. This bearish sentiment is further confirmed by the 9 day moving average which has now crossed below both the 14 and 40 day moving averages with all three now adding further pressure to the downside. As a result any ftse bet should be placed to take advantage of the current bearish momentum.
Banking problems prompt sell off in equities
