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FTSE 100 Struggles for Bids

The FTSE 100 tumbles as risk appetite recedes amid growth concerns. On the daily chart, the index has met stiff selling pressure at the double top (7650). A fall below 7520 has triggered a round of liquidation which suggests a lack of commitment from the buy side. 7240 is the next support as the RSI sank into the oversold area. Further down, the daily support at 7160 is a critical floor to keep the index afloat. A bearish breakout could trigger a sell-off towards 7000. 7450 is the closest resistance in case of a rebound.

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