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FTSE 100 rebound could point towards market bottom
The FTSE 100 managed to rebound without breaking below the 6919 low last week, with the price rising above the 7169 resistance level.
The potential higher low brings about a considerable possibility that we have seen a bottom for the FTSE 100, with a rally above 7312 providing greater confidence that this is the case. For now, with the price consolidating, we need to see whether the price will retrace the Friday evening rally or simply push onwards from here. Conversely, a break below 6979 would raise the possibility of another sell-off for the index.