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The Dow Jones Industrial Average and FTSE-100 are struggling near key resistance levels that could scupper any chances of a late Santa rally, Sandy Jadeja, chief market strategist from ODL Securities, told CNBC.
“I’m really hoping for this late Christmas rally with a thrust toward the upside, I still believe that is a possibility. But this week is important,” Jadeja said.
“The FTSE and the Dow are pretty much in target for facing resistance,” he added.
“If we start holding the support levels then we could see the rally up, if we start falling apart this week then a severe fall is in line,” he said.
The FTSE is hovering just above the resistance level of 4,200 points, which acts as a “boarder line” for the UK index, he said.
Video: watch the Sandy Jadeja interview above.
“If the 4,200 level is broken then it looks like we could be heading down for quite a severe, sharp drop towards the downside, down towards the 4000 level,” Jadeja said while looking at the charts for the FTSE.
“If the FTSE can stay above 4,200 then I think we can attack that 4,445 level again,” he added.
Meanwhile, if the Dow [.DJIA
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] can edge above the 9,182 to 9,190 point range then it could spell further gains for the index, Jadeja said.
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