The sideways pattern for the FTSE continues and we remain stuck between major support at 5860 and major resistance at 6055.
In the short term the bulls have the upper hand after a strong bounce off yesterday's major support at 5861 and the daily chart showing a bullish end of day hammer candlestick formation.
The current price action signals for higher prices towards 5980. The obvious stop for any traders going long in this market is 5860 and a move below here will delay the expectations of fresh highs being made in this market.
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