Friday, 17 April 2009

An Ichimoku view of London's FTSE

Unlike many of the key global stock indices the FTSE has still not emerged above the pink cloud on the Ichimoku chart which would provide further evidence of bullish price action ahead.

As can be seen the level for the index to move above the pink cloud is 4068 which also is exactly the 50% retracement level of the fibonacci grid that I have been super-imposing on this chart in recent commentaries.[An archive of my Daily Form commentaries can be found here ]

The 4200 level would be the 62% retracement level for the FTSE as the 875 level is for the S&P 500.

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