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FTSE bounces from key support level
The index has reversed higher once more from the 6060 support level which underpinned price over the past two months. Typically we have seen any such bounce rise to the 6220-6237 region and thus there is a good chance we could see a more bullish phase should this persist.
Having passed through a number of near term resistance points, the next hurdle would be at 6136. With the market well overstretched and stochastic highly overbought, there is a good chance we could see a pullback soon.
Thus it makes sense to either await a break above 6136, or else looking for a potential long upon a pullback. A bearish view would be taken with a break through 6060.