The FTSE 100 treads water over sluggish prospects for the housing sector. A bullish MA cross on the daily chart suggests an acceleration of the rally. The index is consolidating its gains after lifting offers around 7330 at the origin of a sell-off in mid-September. 7200 is the first level to gauge the strength of buying interest with 7080 as a second line of defence. A bounce back above 7340 is likely to carry the price action to the previous peak at 7500, which could be a step closer to reverse the bearish course in the medium-term.
