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FTSE 100 Tests Resistance

The FTSE 100 inches higher on improved risk sentiment. A break above 6900 prompted some short interests to cover, easing the downward pressure. A series of higher lows would further boost buyers’ confidence and send the index to the daily resistance at 7100 where a breakout could extend the recovery towards 7300. In the meantime, an overbought RSI may cause a limited pullback with 6912 as the closest support. Further down, 6820 is the bulls’ second line of defence to keep the price action afloat.

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