FTSE downtrend persists
The FTSE has sold off into the 61.8% retracement this morning, following a deep retracement yesterday. With the price passing through this level, it looks likely that we are heading towards the 76.4% retracement.
Given the view this current move lower is a retracement of the early-March rally, longs would be preferred around the 76.4% (7276) level. For now, the downtrend remains in play, with a break through 7357 required to negate that bearish outlook.