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FTSE 100 still holding above the 100-day SMA
The FTSE broke higher last week, moving out of its 7300-7385 range on Wednesday. A drop back Thursday and Friday still saw the index hold above the 100-day simple moving average (SMA) at 7380, which remains the case today, along with the weekly pivot at 7383.
Last week’s bounce petered out around 7430, so this is the area to watch in the short term. A push above here and then through the 50-day SMA at 7451 means that the FTSE is then likely to challenge the trendline off the June highs, towards 7490.