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FTSE 100 breaking higher after yesterday’s declines
The FTSE 100 continues its recent descending triangle formation, with the creation of lower highs accompanied by flatlining lows. While we have seen sharp gains overnight, there is a strong chance that we will see the price form yet another lower high before moving back towards the crucial 7294 support level.
As such, a move into the 70%-76.4% retracement zone looks like an interesting area for shorts, where a bullish outlook would only come into play with a break above 7446.