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FTSE breaks higher, yet falters at key resistance
The FTSE managed to break through trendline resistance yesterday, yet fell short when attempting to break to a new high. The 7033 level provides us with a line in the sand that must be overcome for the bullish sentiment to prevail. For now, we are seeing the index pull back from that level and movie towards the key 7000 and trendline support convergence.
We would need to see an hourly close below 6975 to provide a more bearish outlook. Otherwise, an hourly close above 7033 would provide a bullish outlook.