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FTSE 100 rallies on back of Brexit polls
Friday’s rally has taken on a new lease of life, with the FTSE 100 firmly back above 6100. It is possible that we will see some consolidation now, or even a filling of the gap, but with the caveat volatility will be seen in abundance this week, it looks like the buyers are back in charge.
Those with strong hearts and an ability to see past the volatility might think we may now enjoy a move back towards 6300 in the short-term, which would bring the price back to the descending trendline off the May highs.
A drop back towards the bottom end of the gap around 6060 would not be unsurprising, but sellers will want a move below 6000 to really suggest further downside is likely.