FTSE June Must Hold Above 6985/6990 For Continued Recovery
Jason Sen | Apr 21, 2015 06:18AM ET
FTSE June must hold above 6985/6990 to continue the recovery and re-target 7021/25. If we continue higher today look for 7045/49. A break above Friday's high at 7057 then opens the door to a retest of the all time high at 7081.5.
Failure to hold first support at 6885 is more negative for today and risks a slide to 6965/60. If we continue lower look for a test of support at 6930/25. A break lower however targets strong support for the week at 6885/6880. Should be worth trying longs here, but being such a major level we need quite wide stops below 6860. A break lower however is a sell signal and sees 6880 act as resistance to target 6835. A good chance this will hold the downside today but a break lower cannot be ruled out & could target 6800/6795.
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