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Awaiting next leg higher for FTSE
The FTSE is continuing to trade sideways, following on from the rally resistance on Friday. This provides us with greater confidence that the next move will be bullish once more. However, there is a threat of a retracement back towards the 6960 region. For now, price remains within a symmetrical triangle and the breakout will dictate the state of play.
An hourly close below 6986 points towards a retracement into the 6953-6969 support zone. Conversely, an hourly close above 7037 would point towards another strong move higher for the index. Irrespective of which happens, a wider bullish outlook remains in play unless we see an hourly close below 6927.