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FTSE eyes 6764
Three days of gains have almost entirely reversed the bearish outlook we saw at the beginning of the week. The index has closed above the downtrend line off the May highs and pushed on. The target now becomes the 200-day SMA at 6764 and then on to the July highs at 6800.
Daily stochastics are yet to turn bullish, but should do so if the index can sustain gains today above 6650. We would need to see a turnaround and close back below 6580 and the previously mentioned downtrend line to reverse and put the index back in a bearish formation.