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FTSE 100 retracing lower after recent ascent
The FTSE 100 has pulled back this morning, bringing a bearish short-term picture following the break below trendline support and the 7358 swing low.
As such, there is a strong chance we will turn lower once more rather than break above yesterday’s high of 7436. This raises the chance that we will see the FTSE 100 turn lower again from the 61.8%-76.4% zone (7403-7416). A break above 7436 would point towards a continuation of the recent uptrend, while any further downside would simply be seen as a short-term pullback, with a fall below 7189 required to negate the wider bullish trend.