FTSE: Will Bear Trend Resume?
Jason Sen | Jul 17, 2014 02:52AM ET
FTSE 100 beat 6710/15 to hit our next target of 6740/45 and topped exactly here. A good chance this will mark the end of the recovery this week and the 5 week bear trend will resume. Watch for a test of support at 6718/13. Below here adds pressure and targets 6685/80. This could hold the downside but any longs need stops below 6670 for a move towards the next downside support at 6652/49.
Immediate resistance at 6740/45 is a selling opportunity again today with stops above 6760. On an unexpected break higher we could then target resistance at 6780/85 for the next selling opportunity.
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