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FTSE 100 in the balance
It has been a merciless chop for indices this week, with the past 24 hours a classic example. Having pushing through the short-term descending channel on the hourly chart, we now look to the 6180 area for a firm move through to yesterday’s high around 6200.
Beyond this, further short-term resistance at 6220 is to be encountered. While buyers haven’t been able to get the index above 6220 on a permanent basis, the fact sellers have been conspicuously unable to push the price below 6080 signifies a breakout to the upside is becoming increasingly likely.