FTSE falls back into 76.4%
The FTSE managed to rally from the 76.4% Fibonacci retracement yesterday. However, on the hourly chart it is clear that we have still been creating lower highs, and this has come back to haunt the FTSE, with trendline resistance holding once more to drag the market lower at the open.
With the price having dropped below yesterday’s low, the short-term downtrend remains in place. However, until we see a break below the 7377 mark, this still looks like we could reverse higher given the wider uptrend and this week’s break through 7552.