FTSE - bout of profit taking to target 5662

Published 10/28/2011, 06:59 AM
Updated 07/09/2023, 06:32 AM
FTSE:

FTSE shot higher breaking the 5718 trend line resistance to reach 5766/68 resistance above.

Above here 5771 is a 76.8% retracement of the whole move down from the highs of 6095 to August lows at 4071. This really should be too tough to beat today bearing in mind the over bought conditions now.

More likely is a bout of profit taking to target 5662. If this does not hold today look for 5622 before 5600. If this level fails look for a buying opportunity at 5550/45 which is very likely to hold the downside for now.

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