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FTSE 100 - Rejection at 200-SMA could prove to be costly

FX:UK100   The FTSE 100 Index
Resistance – 6154, 6175 (200-SMA), 6232

Support – 6081 (100-SMA), 6054-6036, 6000

  • FTSE’s failure to take out 200-SMA yesterday followed by a negative daily closing has increased risk of a drop to 100-SMA support at 6081 levels.
  • Daily RSI , at 38, is yet to hit it oversold territory, which indicates room for at least 50 points drop.
  • On the other hand, a recovery above hourly 50-MA (seen now at 6123) would shift risk in favor of a re-test of 6175 (200-SMA).
  • On larger scheme of things, bearish invalidation is seen only via a day end closing above 6242 ( rising channel hu
    rdle).
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