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Neighbour: Shorting FTSE despite Greek deal

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Joe Neighbour is shorting the FTSE 100. The Index has risen over the last five consecutive sessions but with more volatility in the short term expected Joe is planning to fade another move higher.   

Resistance levels on the daily chart:

• We have the 61.8% retracement of the April highs to July lows
• The 50 day moving average
• Previous highs at around 6871

The RSI appeared to show some signs of rolling over yesterday so it would appear the buying momentum is stalling.

Stop: 6885, which is above resistance and the 61.8% retracement level.

Target: A move back towards the recent lows at 6450.

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