FTSE strength has stalled near term, with the market unable as yet to capitalise on its break above its downtrend and price gap resistance at 6568/75. A setback should be allowed for, with support pegged at 6560 initially, below which would warn of a move back to price and 38.2% retracement support at 6506. We would Trading Lookfor this latter level to then ideally hold though for a move above 6606 to target 6635 initially, then back to the 6670 high of August. Whilst we would expect this latter level to cap near term, a break can open the door to a move back to the 6815 high of May. Holding a long. Add on weakness to 6520, stop below 6490. Take profit at 6670. Below 6490 can see a deeper retracement lower to 6465/60. Retry a long here, stop below 6445.
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