Will FTSE 100 rebound?
The FTSE 100 managed to gain ground after selling off into the 76.4% retracement yesterday, seeming relatively consistent, if unremarkable, and buying pressure. Today we are seeing a weakness at the open, with the price threatening to move out of this short-term bullish move. However, for the bearish outlook to come back into play, we would need to see a break below 7228.
Until then, there is a chance we could simply be seeing another short-term pullback before the index moves higher once more. The 61.8% retracement and 50-hour simple moving average (SMA) support level has so far marked the low of the day. As long as we do not break below 7228, another move higher looks likely from here.