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FTSE 100 continues to lose ground
So far there is little end in sight for the pullback, with the FTSE 100 testing the water below the 200-day simple moving average (SMA) for the first time since late September. Possible areas of support come into play around 7360, and then 7294, on the daily chart.
Intraday rallies such as that we saw yesterday, which briefly took the index back above 7400, are continuing to meet heavy selling for the time being. Bulls will need to see a move back above 7427 (the 25 October low), in order to be confident that a bounce has legs.