A hesitant, but still resilient tone on Monday to enhance the view that the solid bounce late last week from 61.8% retrace support at 6784.5 favours a further bounce effort this week.
We see bigger pictures bullish pressures resuming into early April from the push last week to not just another new recovery high, but to an all-time high through 6995, the prior peak from 1999 and 7000 psychological/option target.
- We see an upside bias through 6858/60, then 6872/78; break here aims for 6925.5.
- But below 6806.5 aims for 6784.5/83.5 and opens risk down to 6765, maybe 6731/22.
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1 Hour FTSE 100 Future Chart