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FTSE Technical Analysis for November 11, 2015

Chart setups:
A 4 hour chart view has been presented here, from July 2015. As seen here, the counter trend rally which had begun from 5775 levels in August 24, 2015 is almost complete. The indice has already reversed from a convergence point of the resistance trend line, past support turned resistance and the fibonacci 0.618 resistance (of the drop between 6750 levels through 5775 respectively), around 6450-6500 levels. If the above described wave count holds true, the indicant could be expected o accelerate its drop from current levels (keeping 6500 intact), and extend below 5770 levels in the weeks to come. Immediate resistance is seen through the 6450-6500 levels, followed by 6750 and higher, while support is seen through 6000/50 levels, followed by 5800 and lower respectively. Bears should take control, as long as prices stay below 6500 levels.
Trading recommendations:
Short around 6350/6400 levels, stop above 6500, target below 5770.
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