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The UK 100 index of blue-chip companies has finally resumed the long-term rising channel uptrend it began after Christmas.
Having spent the last month consolidating 11% rebound gains from its post-Christmas 2.5 year lows, today’s breakout opens the door for a 4.5% rally back towards September’s 7555 highs.
Bulls need a break above February’s 7260 highs to clear the last remaining upside hurdle. Bears now require a breach of rising support at 7150 if the uptrend is to find itself in jeopardy.
Our watch levels: Bullish 7260, Bearish 7150
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Prepared by Michael van Dulken, Head of ResearchComments are closed.