FTSE: Overbought Short Term
Jason Sen | Oct 14, 2013 04:21AM ET
FTSE Dec13 dipped towards our buying opportunity at 6400/90 but bounced at 6405 and then rocketed higher to fail just below our upper target of 6500. However we are back below the 100 day moving average at 6457 today and overbought short term.
Below 6430 could offer a second chance at our buying opportunity of 6400/90. Exit shorts and try longs with stops below 6375. A break lower then risks a slide to 6345/40.
If we can hold 6430 we could fill the gap at 6473/77. If we continue higher look for a selling opportunity up to Fibonacci and moving average resistance at 6500/15 with stops above 6530.
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