FTSE Open 5196 on 21st December 2009

Market opened @ 5196 and tested 5227, then pulled back to 5206 before moving up to 5269 by mid day. Support @ 5258 provided the next up leg to 5320, a 124pt move. Resistance levels 5303, 5312 and 5320 to the upside with support at 5290, 5270 and 5258 to the downside.

Trade triggered to go Long 5220 from 09:00 this morning. Speculative Short @ 5312 entered with Stop locked in for 6pts. I have a Santa Rally target 5455 by Wednesday 6th Jan 2010, so short is only entered as insurance. Will leave the Short and close if we get back to 5244.

Long 5220 Closed 5305
Short 5312 Stop 5306 First Target 5292

Target 5455 by Wednesday 6th Jan 2010

1. MACD (15.7) Bull cross (-7.5) 09:00. Peak (16.6) 16:15 - PASS
2. Stoc (30)  - FAIL
3. 10ema(5290) > 20ema(5278) - PASS

16:30 Market Close 5294
16:20 Short Stop @ 5306
16:16 Break above 5306 and Short will be closed
16:15 Watching 5303 as it was resistance.
16:00 Short Targets 22% (5292) 38% (5273) 50% (5258) 62% (5244)

15:55 Short Stop @ 5312
15:47 Long closed @ 5305
15:45 Looking to close Long and run short into Close
15:30 BB 5228-5306
15:20 High 5320
15:18 Short @ 5312 to protect Long
15:15 Resistance line @ 5284 may limit move.
15:00 Stop raised to 5258 (20ema)

14:45 High 5284. Market looking for 5296
14:30 Watching for retest of High (5269)
14:15 Stoc (22) low
14:00 Low 5259. Stop raised to 5251 (20ema)

13:30 10ema (5255) > 20ema(5246) 
13:00 Lunch Break ! BB 5207-5171

12:45 Stop raised to 5244 (Low of 11:45)
12:30 High 5269
12:15 High 5261. Upside limited !
12:00 Watching pullback to 5243 (5ema)

11:45 Range 5244-5249. Target 5250
11:30 High 5249. BB 5205-5249
11:15 Stop raised to 5228 (Low of 10:45)
11:00 High 5239. Doji candlstick. Stoc (82)

10:45 Range 5228-5237. Target 5250
10:30 Macd -2.3 and still rising
10:15 Range bound 5222-5236. Stoc (53).
10:00 Low 5222. BB 5208-5241 and narrowing.

09:45 High not broken. Stoc (62) turning down.
09:30 Stop raised to 5ema (5225)
09:15 High 5233 (50% Long closed)
09:00 Long 5220 Stop 5216 Target 5232

08:34 Low 5206. MaCD bull cross -7.5.
08:20 Range 5152-5271 predicted today
08:06 High 5231
08:00 Open 5196, Market looking for 22-30pts upside to 5226