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FTSE Breaking 6260 Targets Minor Resistance At 6290/95

Published 04/27/2016, 05:32 AM
Updated 07/09/2023, 06:31 AM

FTSE Chart

FTSE breaking 6260 is more positive and targets minor resistance at 6290/95 but above 6305 allows a further recovery to minor resistance at 6320/25. If we continue higher look for 6345/48 before the last week's high at 6383/87. The 200 week moving average at 6405/10 remains the main challenge for bulls this week. In such severely overbought conditions there is a good chance we will make it no further. We require at least a daily close above to keep bulls in control. Next target is December high at 6445/49.

Holding below 6242/38 re-targets 6205/00 but important support at 6175/65 is an excellent short term buying opportunity. Longs need stops below 6145. A sustained break below 6150 is a sell signal and targets 6118/12.

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