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FTSE 100 rallying from 76.4% retracement
The FTSE 100 has managed to push through the notable 7369 swing high this morning, following on from a 76.4% retracement. This comes off the back of a broader retracement into the 76.4% retracement level at 0.7288.
This wider picture points towards a near-term recovery, with the overnight rally seemingly providing the first step in a bullish story. Ultimately, from a wider perspective, we would need a break below 0.7195 to negate the bullish outlook.