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FTSE holding 7500 for now
Buying the dips has been the way to go on the FTSE since mid-April, but the trend has begun to flatten out. Nonetheless, with a new high just two sessions ago, it is far from clear that the bulls have lost control. Instead, we should wait for a push below 7460 before becoming too bearish, as this would at least put us below the post-April rising trend. Potential areas of support are 7450 and 7385.
For now 7500 appears to be holding, and we could easily see this consolidation resolve into a fresh leg higher, once the big events of the week on Thursday are out of the way.