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Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

FTSE 100 reached sell target 6160.00

By: Dmitriy Chernovolov

  • FTSE 100 reached sell target 6160.00
  • Next sell targets - 6050.00 and 6000.00

FTSE 100 continues to fall after the earlier breakout of the support level 6160.00, which was set as the sell target in our previous forecast for this index. The breakout of the support level 6160.00 intensified the bearish pressure on FTSE 100 – accelerating the active intermediate impulse wave (3), which belongs to the primary downward impulse wave ③ - which started earlier – when the index reversed down from the strong resistance zone lying between the resistance levels 6450.00 and 6360.00.

FTSE 100 is likely to fall further in the active intermediate impulse wave (3) toward the next sell targets at the support levels 6050.00 and 6000.00.

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