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FTSE, Technical Analysis for November 30, 2015

The daily chart view presented here might be indicative of a potential correction ahead, after the indice had touched 6400 levels last week. FTSE is seen to be trading around 6360/70 levels now, looking to drop lower towards 6180/6200 levels at least, before resuming its rally. It is too early to confirm that the indices has topped out at 6400 levels to continue dropping below 6000 levels, but a correction lower is very much due. Immediate support on this view comes in at 6217 levels while resistance is seen at 6488/90 levels respectively. Only a drop below immediate support trend line, passing through 6070 levels, would prove to be extremely bearish. Also please note that the RSI is also turning lower from just ahead of 70 levels, which favours a correction at least.
Trading recommendations:
Flat for now. Look to buy on dips towards 6200 levels.

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