FTSE Needs A Correction To The Downside
Jason Sen | Jul 26, 2016 05:22AM ET
FTSE needs a correction to the downside. First support at 6648/45 then better support at 6614/10 could hold the downside today. However further losses targets 6584/80 then quite good support at 6555/50.
Holding first support at 6648/45 targets resistance at the 6693/03 high in overbought conditions. Yesterday we saw a minor sell signal in overbought conditions so gains are expected to be limited.
A break higher cannot be ruled out however in the bull trend with bears unable to take control just yet and targets 6720 then 1 year highs from August 2015 at 6754/62.
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