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FTSE falters at 6400
A weak start yesterday was changed into a more impressive performance by the end of the session, as the index clawed back losses and once again moved back above the 6350 level that acted as support during the last few days of October.
However, gains yesterday stalled at 6400 and so far the index is unable to move beyond this. Any firm move through 6400 would target the 6450 and then 6490 area, which would put the index back on course towards the 200-day SMA (currently 6669).
If the sellers can put the index back below 6350 we may see bearish momentum revive, with a downward move to 6225 still possible.