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FTSE Technical Analysis for November 20, 2015

Chart setups:
The 4H chart view depicted here might be indicating that FTSE is ready to resume its down leg from current levels, which could exceed below 5800 levels easily. Looking into the current wave count here, the indice seems to have already retraced to fibonacci 0.618 resistance levels ( of the drop from 6450 to 6061 levels ) at 6320. Furthermore, that looks like a past support turned resistance zone as well. A bearish turn around here, should give control back to the bears and prices should accelerate downwards below 5800 and 5700 levels respectively. Immediate resistance is seen around 6500 levels while support is at 6200 levels respectively. The RSI has also just stalled below the 70 mark for now, and a turn towards south from here should favour the above count.
Trading recommendations:
Short around 6300/20, stop at 6550, target below 6000.


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