FTSE: Immediate Resistance At 6470 Is Key
Jason Sen | Nov 05, 2014 12:54AM ET
FTSE 100 over night dipped to 6445 & today will remain negative as long as we hold below 6470. Watch then for a break below 6445 to target good support at 6425. A low for the day is possible here but longs need stops below 6405. Be ready to go with a break lower to target 6395 then 6370. Exit shorts here & try longs down to good support at 6360. A bounce from here is expected but longs need stops below 6345.
Immediate resistance at 6470 is key. Above here is less negative & could target 6495. We should struggle & a high for the day possible but shorts need stops above 6505 for a move towards 6530/40. Although unlikely we will make it any higher at this stage, we must still be ready to go with a breakout to target strong resistance at 6562/72 for a selling opportunity. Shorts need stops above 6585.
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