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FTSE100 – Rebounds from confluence of trendline & 50-DMA support

OANDA:UK100GBP   UK 100
The index has rebounded from the confluence of rising trend line and 50-DMA levels seen at 6800.

The rebound happened due to two reasons –

• Upward revision of the second quarter UK GDP &

• Deutsche Bank news – US Department of Justice (DOJ) has downsized its penalty from $14 billion to $5.4 billion

The quarter end/month end/week end close if happens above falling trend line would keep hopes of a subsequent rise to 7K, although there is stiff resistance in the range of 6900-6950 levels.
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