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FTSE 100 Strong technical obstacle 6810

After trading higher for most of the week, the FTSE 100 index closed at 6775.08 on Friday, following a high at 6799.78. As visible on the daily chart, the index is trading in the green since 8 July 2015, with the 50day SMA (currently located at 6810) acting as a strong technical obstacle. Daily MACD is attempting a positive centreline crossover, while the RSI and stochastic indicators are slightly pointing south, hinting at a mixed technical stance. On the 8H chart, MACD and RSI are trading with a positive bias, while the stochastic is grinding lower, further endorsing the above view. Immediate support is placed at the 200day SMA (currently placed at around 6740/37), a move back below the latter might turn the main trend to bearish, with the 6680/78 and 6600 levels as the next downside targets. On the flipside, crucial technical obstacle is situated at the 6810 level, followed by the 6877/80 and 6924/25 levels.

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