We closed above 5167 (which was also the days low) yesterday and this is short term positive however the move was on a dividend day and we have seen these gains reversed the next day in previous sessions. For now the short term outlook for the FTSE lacks any clear direction but the medium term trend is still down whilst we trade below 5300.
Whilst we trade above 5167 the bulls have control however if we break below here I expect yesterday target to be reached at 5152 and then further selling towards 5000.
The magnet today is was looking like a good opportunity but we have shot up already.
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