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FTSE – will it bounce back to 7500?
The FTSE took a swift drop yesterday, potentially bringing an end to the post-April rally.
Having pushed below the 7500 zone that acted as support over the past few days, we now need to see how the price reacts. A bounce that fails to get back above 7500 should be treated as a selling opportunity, while one that does recover this level would mean we are still in a consolidation period. Downside targets lie around 7409 and 7372.