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FTSE 100 could bounce to 6100
The index is now more than 4% off its lows of the week, as buyers have returned.
The move back above 5800 has cemented the more bullish case for the short-term, with upside targets around 5920 and then to 6000 itself.
If the index were to continue to follow the current descending channel, it may bounce as far as 6100, before potentially turning lower.
The European Central Bank has bought time for the bulls, but the overall trend in the longer term remains down.