Good morning
We closed under the 50 moving day average yesterday and under a break out support level at 5970. This indicates continued weakness for the FTSE 100.
We are currently resting on the weekly chart trend line so its possible we could have a brief reaction to the upside but I expect an established break of 5900 shortly. Target 5840.
Resistance for any counter trend rallies lies at 5950. A good shorting opportunity.
Major support lies at 5820. If we penetrate this level we can confirm 6105 is a medium term top in the market and we will most likely test the MA 200 at 5670. A common occurrence for corrections in bull markets.
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