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FTSE bouncing higher from key support
The FTSE is bouncing higher from the key 6070 support level which represents the October 2014 low alongside the ascending trendline dating back to late August. Unlike the DAX, this chart appears to be turning higher from a level above the 15 September swing low, and this makes the overall direction harder to ascertain. However, for now it is worth watching for the day’s direction, which while initially very bullish, is likely to find resistance around 6142. An intraday close above 6142 would bring a bullish outlook for a move back towards 6200.