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FTSE 100 eyes 6200
The index continues to find support around the 5930 level, and has moved higher this morning. Once again, the lows of last week appear to be holding, with dips below 5900 bringing out the buyers. Upside targets now lie towards 6002 and 6050.
If the rally can be maintained then the next target would be around 6200. A turn lower from current levels would encounter support at 5890 and then head on towards 5840.
The daily RSI has turned higher once again, but remains below the 50 mark, indicating that buying pressure is still not overwhelmingly strong. Daily stochastics have yet to turn bullish either, so until this transpires we may see a repetition of the range trading of early September, just at a lower level.