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FTSE rallies from key support level
This morning is seeing the FTSE 100 bounce up from the absolutely crucial 5768 support level, which underpins the whole last four months of trading.
A convincing close below that level would bring expectations of yet another big move to the downside. However, instead we have unsurprisingly seen another move higher, which is likely to precede a move back down through 5768. A closed candle above 5853 signifies the creation of a double-bottom, which gives a projected target of 5969.
Overall the outlook is bullish for now, with price expected to turn lower once more from below the 6000 mark. Should that occur, the downtrend will remain intact for another move back down towards the 5768 support area.
Thus a short-term bullish bounce is preferred, with the medium-term bearish view remaining unless we see a closed candle above 6000.
Resistance levels of note are at 5878, 5902 and 6000, with support at 5853, 5843, 5812 and 5768.