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FTSE 100 beginning to roll over from resistance
The FTSE 100 managed to rally into the notable 7553 resistance level this week, with a fleeting move into a four-month high seen yesterday. However, we have since seen the index show signs of weakness, with the price moving lower this morning. With that in mind, there is a chance we could see a pullback at the end of the week, with the 7519 and 7488 levels key to such a move.
Ultimately, we would need to see a break through yesterday’s high of 7566 to continue this recent uptrend. Until then, watch out for the potential breakdown through support as a sign of an impending wider retracement.