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FTSE 100 lower high in place
The FTSE is continuing to claw back losses from last week, with the new month getting off to a good start. The first target for the bulls is a move back above the 7303 high from last week. Coupled with a move back above the 50-day simple moving average (SMA) at 7309, such a development would signal another attempt to break the downtrend off the March highs is in play once more.
Bears need to get the price back below 7192 to suggest another push towards the 7090 low from April. At present, the overall trend is downwards, with a lower high in place from last week.