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Charting indices: resurgence of indices unlikely to last

After the August sharp sell off, one could have expected a sharp bounce up. According to IG analyst Josh Mahony, the recent bounce of the FTSE 100 is not going to last, and 6201 points has become a resistance point. 

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We are also coming to a major level of resistance on the German DAX which coincides with the 50% Fibonacci retracement. The Dow Jones also is reaching a horizontal resistance at 16,700 points, a crucial level for future price action.

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