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FTSE turning lower from resistance zone
The FTSE 100 has begun to weaken following a doji candle posted at the 200-period (4-hour) simple moving average (SMA), which is marginally below a notable ascending trendline. Despite a sizeable bounce overnight, we would need to see an hourly close above 7354 to negate the recent signs of weakness in this market.
The 7262 support level needs to be broken to really provide confidence of a ramp up in selling. However, for now it looks likely that we will see further downside from this resistance zone.