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FTSE 100 rallies through key resistance level
A dovish appearance from Federal Reserve (Fed) chair Jerome Powell yesterday provided a welcome boost for stock markets, with the FTSE 100 rallying back up into the 7059 mark. The ability to break convincingly above that level provides us with a more bullish outlook for the index.
With the price looking primed for another move higher, short-term weakness is likely to be a retracement of the rally from 6911. Thus, further upside is expected before long, with a drop below 6911 required to bring a more bearish outlook.
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