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FTSE eyeing daily close below 200-DMA

INDEX:FTSE   FTSE 100 Index
Daily Chart

Pattern – Rising trend line breached

Resistance – 6214, 6230, 6270

Support – 6186, 6119, 6079

  • Prices trade around 200-DMA level of 6186 levels.
  • FTSE’s failure to sustain above 5-DMA followed by a drop below 6230 and 6214 (rising trend line ) indicates short-term bullish invalidation and increased risk of a daily close below 200-DMA Level of 6186 levels.
  • A daily close today below 200-DMA of 6186 would open doors for a drop to 6091 (sideways channel support).
  • On the higher side, a break above 6230 is required to bring back bulls into the market.
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