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FTSE fails to continue beyond 6800
The index now finds itself back below the 200-day SMA (6756), having failed to make any progress beyond the 6800 level. Daily stochastics are poised to turn bearish, which would be the final piece of the puzzle for sellers — downside targets lie in the direction of 6650, and thence on to the 6600 area.
It will be particularly interesting to see if the index can get back below the downtrend line from late May, since this would suggest that a test of the lows around 6450 is on its way.