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FTSE 100 at a crucial point
Thursday’s bounce pushed gamely on into Friday’s session, but now we are at a ‘make or break’ point. The first lower low was established on Thursday, down towards 7390, and if the FTSE does turn lower from 7500 (having tried to break above it in the pre-market period), then we have a new lower high.
Short-term support can be found at 7450, 7400 and then 7380, with the latter also around the rising trendline from the April low. Significant support lies around 7260, 7190 and then the all-important 7090, which has held all year. Any rally needs to clear 7500 to then push on and challenge the all-time highs at 7540.