We remain cautious of further FTSE gains

TVC:UKX   UK 100 Index
FTSE continues to strengthen, with the bounce from the 6676.56 monthly low of 4 November posting new highs to pressure the 7340, (150%) projection of the October-November fall.

Continuation to the 7395.00 projection cannot be ruled out, but profit-taking risks are increasing at higher levels, as studies remain mature. In the coming weeks, profit-taking risks are highlighted, but downside tests should remain limited as background studies improve and investors maintain a buy-into-weakness strategy.

Support is raised to the 7210 break level, but a close below the 7130~ high of October 2016 is needed to add weight to prices and turn investors cautious. A further close below congestion around 7000, however, will open up the 6875.40 low of 12 December as investors subsequently move to a negative stance.
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