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FTSE Technical Analysis for December 09, 2015

Chart setups:
The daily chart has been presented here again, to review the larger picture and wave counts. The FTSE has dropped slightly more that it was expected, and prices are taking support is the fibonacci 0.786 levels around 6130 levels. Please note that the rising support line still remains intact and only a break lower would delay matters.
With respect to swing trading price action, only a drop below 6050 levels could prove to be extremely bearish and change the wave count entirely. Immediate support is seen at 6050 levels, followed by 5850 and lower while resistance is seen at 6290/6300 levels and higher respectively. It is good to review price reaction at current levels before committing fresh trades. The RSI has turned south but is still above 30 levels.
Trading recommendations:
Flat for now.
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