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FTSE fails to hold gains
The index proved unable to hold on to gains above 6330 last week, so this is the area that buyers need to recover. At present the index is now looking as if it will target the 6230 area, with some support possible around the 50-day simple moving average (6266). If the price action becomes particularly bearish we could see a move back to the bottom end of the current rising channel, which we last touched just a week ago. A daily close above 6330 would target 6406 and then 6450.