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A good start to the week for FTSE 100
Friday’s dip below 7360 was met by buying, and further momentum this morning has lifted the FTSE back above 7400. Last week saw price action falter at the descending trendline off the June high, so we would need to see a close above 7460 to break this. From there a move to 7500 and higher comes into view.
A close below 7360 would be a bearish development, although it would require a firm drop below the 7300 area to really indicate more weakness is ahead.