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FTSE 100 continues to oscillate
The index continues to bounce contentedly between 6100 and 6200, oscillating around the crucial 6125 area that may determine whether this market stands or falls. With the European Central Bank (ECB) meeting looming, we are not seeing any desire to push the market significantly in either direction, which at least provides clear levels for trades in either direction depending on the market reaction to Thursday.
A close below 6100 should signal more downside to come, with a first target of 5952 and the 50-day simple moving average (SMA), while a close above 6200 puts the buyers back in charge, with the December high of 6300 in prospect (and some resistance possible around the 200-day SMA at 6287).