FTSE100 - Next hurdle at 127.2% Fibo extension

  • There seems to be no stopping for the FTSE100 index. Fresh demand/buying interest below 5-DMA underscores the fact that sellers just don’t have motivation to enter the markets.
  • The index appears poised to test 6962 (127.2% Fibo extension of Feb 2011 low – Apr             2016 high – June low).
  • However, note the money flow indicator is overbought now… so caution is advisable.
  • Only a break below yesterday’s low of 6812 on day end closing basis would open doors for a technical correction.
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