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City Trades: FTSE 100 (UKX)

Created:
1 July 2008
Updated:
4 July 2008
Written by:
David Linton

So why did the FTSE fail to make a new high? - asks David Linton at Updata. Simply because it hit the same level as the high set in the year 2000.

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On that basis, how far will it now fall? With resistance confirmed and the uptrend clearly broken, the index will now have the 2003 low of 3,500 clearly in its sights. As the previous high was a barrier to new highs, this previous low is the most obvious place to fall to. The worst is yet to come.

IC Trades are written by Investors Chronicle writers. City Trades are written by selected external contributors. Both are based on the interpretation of patterns on a share price chart, rather than on fundamental analysis of the company's business or prospects.

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