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FTSE Technical Analysis for December 07, 2015

Chart setups:
The daily chart view presented here in indicating that the drop from sub 6400 levels might just be over at 6180/6200 during last week as it was expected and discussed earlier. Please note that FTSE is bouncing right from its fibonacci 0.618 support of the rally between sub 6000 and 6400 levels respectively at 6200. Furthermore, the indice has tested the back side of the immediate resistance trend line which is support now. Bulls might be poised to remain in control now, till prices remain above 6000 levels broadly, and push prices higher through at least 6500 and 6600 levels subsequently. Immediate support is seen through the 6000 levels while resistance is seen at 6400/50 levels respectively. The RSI is also seen at 50 levels, looking to push through at least 70 levels before reversing.
Trading recommendations:
Long now, stop at 6000, target 6500.
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