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FTSE Technical Analysis for December 23

Chart setups:
As seen on the daily chart view here, the FTSE had broken below the channel line support earlier, towards 5850 levels and pulled back. The indice is testing the back side of the support line which would act as resistance now. The spot rate is around 6130/35 levels for now, but room still remains for a rally towards mid 6200 from here before reversing. This candidate looks to be perfect to be sold on rallies through the 6230/50 levels, if prices reach there. Immediate support is seen at 5850 levels while resistance is seen through 6450 levels respectively. The other alternative wave count could be a rally towards 6600 levels from here, and then reverse. In both the above probabilities, a rally towards 6250 seems most like from here. Also the RSI holding above 30 indicates room left for a push higher.
Trading recommendations:
Long now, stop at 5950, target is open.

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