FTSE 100 heading higher after recent breakdown
The FTSE 100 is heading higher following a short-term breakdown, raising hopes that the wedge sell-off seen earlier in the week could already be over.
A break through 7772 would pave the way for further upside, with the 76.4% Fibonacci resistance coming into view. There is still a chance that we could be looking at a retracement before we sell-off once more. However, for the time being we are looking at the 7772 mark as a precursor to further upside. Only a break above 7903 would signal the confirmation that the period of weakness seen in late May is over.