FTSE bounces from H&S neckline
The FTSE 100 managed to maintain the price above the crucial 7253 mark yesterday. Despite some overnight losses, we are now seeing the index rally after setting a new higher low.
A break through 7322 would be particularly telling as it would provide a new intraday higher high. However, for now it looks like we are simply in a rebound mode following the respect of a key support level. The crucial question will be whether we break through 7363, as this would negate the wider trend of lower highs. Alternately, a break through 7253 would provide a bearish outlook. Until then, short-term gains seem likely.