The Ftse indices have exceeded their previous highs,unlike other European indices(setting up a possible negative divergence for Dax,Cac etc)Of course in constant sterling prices the picture would be different.The next couple of weeks will be critical in determining whether this breakout above fibonacci resistance is sustained.Upward sloping consolidations are usually bearish and it is hard to imagine UK growth statistics over the next few months supporting a continuation of the bull trend at least for the more domestic 250 and 350 indices.Nevertheless for the moment the trend remains up.
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