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FTSE 100 eyes 6650
The index is managing to claw its way higher, but it is making very heavy going of it. Since 11 November we have had a modest series of higher highs and higher lows on the hourly chart, but this could easily be negated if we see a close below 6750.
To maintain the rally the price needs to clear yesterday’s highs around 6850. A move above here would head towards 6894 - the 50-day simple moving average (SMA) - and then on towards 7000. Below 6750 the index targets 6715 and then 6650.