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City Trades: ISEQ

Created:
22 July 2008
Updated:
23 July 2008
Written by:
Dominic Picarda

The Irish index (5060) has completed a key Gann-Theory bounce from its recent lows, says Warren Firth at IG Markets.

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The market might now be expected to struggle to get above 5175, the top of another band of significant Gann-Theory levels. A fall below 5020 could help unwind the ISEQ's overbought condition. Ultimately, it is most unlikely to fall back to last week's lows, although traders should await a breach of 5175 before going long.

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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