FTSE - Support and Resistance levels

[technicalanalyst]

FTSE Support and Resistance Levels for 06/25/2009

Resistance Levels:

Daily Resistances:
4245.52
4293.63
4333.97

Intraday Resistances:
4249.65
4340.06

Weekly Resistance Levels:
4304.33

Support Levels:

Intraday Supports:
4234.05
4206.56

Daily Supports:
4210.75
4189.14

Performance screen shot:

 

[technicalanalyst]

Technical Chart for FTSE- 06/30/2009 with levels

FTSE technical - Support and Resistance levels as shown on the screen shot,

 

[technicalanalyst]

FTSE - Support and Resistance levels updated 07/02/2009

Refer to the attached screen shot.

Courtesy: Quantlogic Analytics & Solutions Pvt. Ltd.

 

[melanie911]

i'm 4300 short... etf small size ...

 

[azwhaley]

I'm an idiot newbie I'm afraid so please excuse the really dumb question ...

How can an index have a support or resistance level ? Surely the point of these levels is they are what the market feels is the minimum / maximum value that the stock (or currency) is actually worth and therefore are real barriers to price penetration. The index is an aggregation of 100 different stocks, with a 100 different support / resistence levels with 100 different sets of fundamentals and 100 different daily price movements. Why would the index have these psychologically enforced levels ?

Can an index be traded with the same technical analysis interpretation as an individual stock, currency or commodity as all you've really got is a lot of random volatility on top of a background macro trend ?

Again I apologise for my uninitiated question but I've lost a few quid spread betting on the FTSE and think maybe I've been trying to read too much into it.

Thanks

-Andrew

 

[hk285]

index have s&r levels

I'm an idiot newbie I'm afraid so please excuse the really dumb question ...

How can an index have a support or resistance level ? Surely the point of these levels is they are what the market feels is the minimum / maximum value that the stock (or currency) is actually worth and therefore are real barriers to price penetration. The index is an aggregation of 100 different stocks, with a 100 different support / resistence levels with 100 different sets of fundamentals and 100 different daily price movements. Why would the index have these psychologically enforced levels ?

Can an index be traded with the same technical analysis interpretation as an individual stock, currency or commodity as all you've really got is a lot of random volatility on top of a background macro trend ?

Again I apologise for my uninitiated question but I've lost a few quid spread betting on the FTSE and think maybe I've been trying to read too much into it.

Thanks

-Andrew

The technical analysis on stocks or currencies (support/resistance levels etc) has nothing to do with fundamental analysis. (what you calculate the stock/currency is actually worth).

Anything with price movement that is traded by many people, can have support and resistance levels.

In short, yes an index can be traded with Technical Analysis, and people would even ignore the background macro trend on shorter time-frames, macro trends would be affecting 6m + timeframes.

Please correct me if I'm wrong, its the first question I feel I can answer!

H