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FTSE could see moderate pullback
The index finds itself at a crucial point, having closed above 6300 for the first time since mid-August, and above the 50-day SMA (6280) for the first time since 7 August. With four days of gains behind it, it is now crucial for buyers to keep the index moving forward. Upside targets now lie around 6370 and then 6423. It is too early to suggest that the gains of the past two days are about to be reversed, but from the look of things a modest pullback is not out of the question. If the index moves back below 6300 early on today and stays there, then the four-hour chart (using MACD as a guide) may be handy to take advantage of any temporary drop.
Support is likely to be found around 6280 and then 6235, with a bigger move heading back towards 6135.