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FTSE tests 50 day moving average

The FTSE 100 has certainly now played catch-up with the DAX and the CAC today. The index has now fallen to below the lows seen yesterday, at 8,183. That breakdown has delivered a fall towards 8,160. The 50 day moving average is in place right now at 8,162. The low on the index so far has been set at 8,161, so as you can see it has now put that technical support level to the test. Of course one point here or there does not constitute a break of any kind, so it is fair to say; that so far the move lower has been capped by that 50 day moving average, However, that is not to say it will continue to do so. It is also worth noting; that the 50 day moving average has been guarding the downside since the beginning of March. The price action across all the European markets is tenuous at best right now and another lurch lower in the DAX or the CAC, or both might push the FTSE 100 lower again. The index is just now trading at 8,164
 

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