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FTSE 100

By:   CFDtrading.com
  • 2010-02-02
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The FTSE is testing channel support and a break below would strongly suggest that the advance from the 2009 low is complete.  The rally is in 5 waves and is therefore probably just the first wave of a larger correction (b wave underway now).  Initial support is 4955.



FTSE near-term positioning favors the downside as prices trend lower in a falling channel. Near-term resistance is seen at 5511.66, the channel top, while support is found in the 5440.22-5455.37 congestion region. A below this barrier exposes 5390.58.

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