Technical Analysis of Financial Markets

Friday, February 01, 2008

FTSE 100, 50% Fibonacci Extension

The 50% Fibonacci extension level projected between the year low and October 2007 highs is currently serving as resistance on the FTSE 100. The monthly graph illustrates that both stochastics and RSI are currently overbought signalling a likely pullback. Long above 6034 otherwise short.

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