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FTSE continues to range
The FTSE has been providing a much more rangebound market so far this week, in stark contrast to the trending price action of last week. This morning is seeing price move back towards the lower thresholds of this range, where 5843 represents the key support level of this pattern. Also be aware of the 5864 level, which represents the December 2015 low.
However, overall the 5843-5940 range is expected to holds unless we see an hourly close above 5940 or below 5843 to provide a more directional bias to the index. Above 5940, resistance levels of notes are at 5969, 6000 and 6011. Below 5843, the support level of note is the August 2015 low of 5768.