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FTSE 100 rallying from key support level
The FTSE 100 has managed to turn higher from the crucial 7474 support level. That level represents not only the near-term support, but also the resistance late December peak.
A break below that level would have pointed towards a break lower in the short term, given the completion of a head and shoulders pattern. However, the respect of that level has provided a bullish view, and an hourly close above 7511 would provide us with greater confidence. Alternately, a break below 7474 would negate this bullish outlook.