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FTSE 100 – a new bounce in the making?
Once again the FTSE dipped below 7400, and once again the buyers came out in force to defend the area. Now we see if it can definitively break the descending trendline from the highs earlier in the month. It tried a week ago, and then failed, but perhaps a second time will work out better.
The stubborn refusal to let 7400 go adds force to the idea that a new bounce is in the making. A daily close below 7400 is needed to put a more bearish spin on things.