Greater London, England -- (SBWire) -- 04/13/2011 -- Sandy Jadeja, Chief Technical Analyst at City Index (http://www.cityindex.co.uk/), provides insight into the market activity that shaped spread betting and CFD trading on April 1st:

Last week saw indices rack up positive gains across several major markets. The charts clearly show a v type reversal but as the indexes have headed higher there are some hurdles which need to be crossed in order to maintain the bullish outlook. Crude oil also posted a positive week and the current chart pattern would suggest that the current leg still has room for further gains but momentum would need to be sustained if oil is going to stay above the $100 level. The week ahead should prove to be interesting as we have reached some key price levels across commodities and indices.

FTSE 100 clears 5877 with an eye on 6117
The resistance zone between 5823-5877 has been cleared to pave the way for the FTSE to reach?upwards towards the 6101 high.

Currently the index is setting the stage for the all important 6050-6117 zone. From a pattern perspective the possibility exists for the index to see some resistance at 6040 and then?see a pullback. If the 5908 pivot is broken then the downside support is coming in at 5845 – 5804. If the?index does manage to stay above 5908 then a sharp thrust towards the 6117 followed by 6245 should be?the upside price magnets.

Dow Jones holds above 12,127…
Positive momentum helped lift the index higher and more importantly clear the 12,127 level. The week?ahead will need to see the Dow maintain the 12,127 level but also the key pivot level of 12,280 which if?violated may suggest a pullback is on the cards. As the index is above its 20 day Moving Average and also?seen a break above minor highs then the odds suggest the intermediate term trend could see the?Dow aim for 12,545 in the near term. But for short term traders we would keep a close eye on potential?buying opportunities with any pullbacks.

Crude Oil creates another bullish upswing
The $97 support for the May contract has helped elevate the commodity higher and looks likely to see?Crude Oil add further gains.

With the recent high of $108.25 as a swing high and $97.00 as the swing low?an Extension pattern could see oil reach towards the $111 level fairly quickly. Higher levels of $117 - $121?are also possible if we see price spikes. Short term Oil will need to hold onto $104.38 otherwise a retest of?the $97.00 level cannot be ruled out. A series of higher highs and higher lows prefers a bullish rather?than bearish outlook over the intermediate term.

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