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After a painful bruising the UK Index received the previous week, we have mostly seen sideways movement on the benchmark index since Monday. The index has been trading in a fairly tight 6960-7098 range, though London’s blue-chips are off their worst October levels.
As the week comes to a close, traders are looking for a 136pt rebound from October’s 6923 lows, as the Bulls are looking for a break above 7098 to escape the range.
Bears on the other hand will once again try to test the psychologically significant 7000 level to continue September-October downtrend.
Our watch levels: Bullish 7100, Bearish 7000
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Prepared by Michael van Dulken, Head of ResearchComments are closed.