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FTSE 100 downturn likely to be short-lived
The FTSE 100 sold off sharply on Monday, with the price turning lower from the top end of a month-long range. This range remains in play, with the 7543 level marking the region of support which typically holds.
While we did not quite hit that region on Monday, there is still a chance we have already seen the sum total of the selling. With this range expected to persist, we either look for longs on another move back towards the 7543 mark, or on a break above the 7624 swing high.
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