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Tuesday, October 5, 2010

FTSE near some tough resistance

FTSE rally hos now reached the down trend line from 2007 high best seen on weekly chart below:

Also on the daily chart looks close to some strong horizontal resistance there a possible head and shoulders forming ?  ssshhhhh...

FTSE DAILY        

Seems like the probability is weighted in favour of a bear move from here, either the BIG one, OR (more likely IMHO) a move back into the rising channel with lower boundary at 5200 ish

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