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FTSE in triangle pattern as we await next move
The FTSE 100 is consolidating within a very interesting area, following the pullback from the all-time high of 7127. Crucially, we are seeing the market constantly hold up from a key area of support, between 6932 and 6950 (August and September highs).
The breakout from this triangle will ultimately dictate the state of play, with an hourly close below 6932 required for a bearish view to come into play.
Conversely, an hourly close above 7055 would provide a bullish outlook, for another challenge of 7127. Until either occurs, this triangle is expected to remain in play.