FTSE 100 hits key resistance after breakout
The FTSE 100 has managed to continue its ascent overnight, with the price rallying upwards after yet another intraday higher low. This would ordinarily have a stronger follow through.
However, given the existence of a crucial resistance level at 7256, we have seen the rally peter out at that point, with the price subsequently turning lower. We would need to see an hourly close above 7256 to point towards a bullish breakout on the medium term. Conversely, an hourly close below 7167 would point towards a bearish shift from here.