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FTSE's momentum waning
It is hard to shake off the impression that the FTSE 100 has run out of bullish momentum. As Josh noted yesterday, 6808 has proven to be a stumbling block, and I would say that the 50-day SMA (6803) has now also come into play to prevent further upside. As before, we watch for a move above this zone and towards the area around 6850, which would go some way to restoring the bullish outlook.
Downside moves should head towards support at the 200-day SMA (6753), followed on by the 6720 area. For now, evidence is evenly poised for both the bullish and bearish case, which suggests that a wait and see approach would be prudent.