The upward move through 5370 and a close above 5360 indicates we will see higher prices shortly however we also have to be aware that we are fast approaching a major trend channel which has been running since the selling started back in July so we could easily see a negative reaction today or tomorrow which would carry the FTSE below 5300 which I expect to see this week. For this reason I am not looking at positioning long at current levels and will instead access the situation if we see prices drop.
The dividend stands at 2.7 today so expect buyers to enter the market in the last hour of trading today.
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