Tuesday, October 13, 2009

FTSE 100 May Reach 5,500, Fibonacci Shows: Technical Analysis

(Bloomberg) -- The U.K.’s FTSE 100 Index may climb more than 5 percent to as much as 5,500 after closing at a 12- month high yesterday, according to technical analysts at Credit Suisse Group AG and Mint Equities Ltd. “We clearly closed at new highs and above any other consideration that is a bullish development,” Geoff Wilkinson, London-based head of technical analysis at Mint, wrote after the FTSE 100 advanced to 5,210.17 yesterday, the highest close since September 2008. “We should be able to build from here.”

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aqVcpwUdLGQo

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