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FTSE could fall to 6430
The downside scenario still has pre-eminence here, Friday’s sharp drop having put the bears firmly in charge. A continuation of this move, which looks highly likely given the bearish stochastics seen on the daily chart, would be a test of the July lows below 6500, possibly as far as 6430. For fans of moving averages, the 50-day SMA at 6771 is now almost certain to move below its 200-day counterpart (6760), and I would look on any moves towards 6600 during the day as another opportunity for fresh selling.