Stocks in London are opening slightly lower this morning following a long holiday weekend in the UK and ahead of a series of manufacturing PMI releases. The FTSE100 index is still, however strongly supported by the 200-SMA on the 4-hour chart around the key 7000 levels, despite inflation concerns weighing down on stock markets worldwide. Technically, the main trend remains up, with the RSI pointing higher also signaling strong upside momentum at least for the short term. A range-bound market is expected, but a sustained move above the 7065 resistance level may trigger an acceleration to the upside.
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