FTSE100 - Increased risk of correction

TVC:UKX   FTSE 100 Index
Failure to sustain above recent high of 6743 followed by a break below trend line support (drawn from 6743 to 6736) suggests the index could test hourly 50-MA level of 6687 levels.

A violation at 6687 would open doors for a drop to July 15 low of 6616 levels.

On the other hand, a rebound from hourly 50-MA followed by a day end closing above 6743 would suggest continuation of the rally from post Brexit low.
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