Technical Analysis of Financial Markets

Thursday, April 03, 2008

FTSE Fibonacci Fans & Retracements

The 23.6% Fibonacci retracement level projected from the beginning of the 2003 bull market is currently serving as resistance on the FTSE 100 index. Enter short postion with a stop-loss on a weekly close above the 23.6% Fibonacci level; next immediate resistance at 6000 and then the underside of median Fibonacci fan trendline.

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