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FTSE 100 supported by 6760
Yesterday’s sharp dip following oil inventories probed new lows below those seen last week, but a recovery overnight confirms the area down to 6760 remains a significant area of support.
The price has pushed back above 6800 but is now stuck below the 200-hour simple moving average (6825), with a daily close above 6850 really needed to suggest resurgent bullish momentum.
The hourly stochastic is now overbought, so this could be another selling opportunity, with a view to the price heading back to 6760 and potentially lower.