Charts: FTSE Could Sink to 2,700 in 2010
By: CNBC.com
The FTSE-100 could lose nearly 30 percent of its present value between now and the end of 2010, as support for the UK index looks scarce, Sandy Jadeja, chief market strategist from ODL Securities, told CNBC.
“Longer term, we’ve got much more lower support levels,” Jadeja said. There is a big possibility that the FTSE could sink to 2,700 points next year, he added.
The FTSE has been consolidating at around 3,800 points in recent weeks, but looks likely to break below the October lows and bow to the overall market trend, according to Jadeja.
Jadeja points out that the London index has been outperforming its counterparts in the US.
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For the Investor:
The FTSE-100 could lose nearly 30 percent of its present value between now and the end of 2010, as support for the UK index looks scarce, Sandy Jadeja, chief market strategist from ODL Securities, told CNBC.