FTSE Technical Analysis for November 26, 2015
Posted by FXTimes in Featured - November 26th, 2015 4:06 am GMT
A daily chart view has been presented here to review the bigger picture, that could be unfolding in FTSE. Firstly, the drop from 7100 levels through 5700 levels earlier looks to be the larger down leg boundary which is being retraced. Prices stalled at a fibonacci 0.50 at 6500 levels earlier before pulling back to 6050 levels. The rally from 6050 looks to extend at least towards 6500 levels or 6615 levels (which is also the fibonacci 0.618 of the entire drop). Immediate support could be seen around 6200 levels while resistance comes in from 6430 levels through 6500 (interim) respectively. The RSI had also turned higher from sub 30 levels as seen here, which might indicate that bulls still have room to push higher towards 6500 or 6615 levels respectively. Please note that a failure to break above the 6500 interim resistance could bring back bears into picture.
Long now, stop at 6170, target 6550.