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FTSE consolidates following rally
Yesterday saw the FTSE 100 extend higher following a bounce from the support zone of the range which has dominated the state of play for a month. Typically this range has seen upward price-action rally into the 6200-6220 zone, only to fall away once more.
Thus further upside is expected unless we see a closed hourly candle below 6164. Should that occur, it does not necessarily signal an end to this rally, but more a deeper retracement than the 38.2% pullback seen so far.
As such, an hourly close below 6164 would look towards 6158, 6153 and 6147 as important support levels. To the upside, further gains are expected, yet could be limited with trendline resistance alongside the key 6200-6220 zone up ahead.