FTSE 100 showing signs of bottoming out
The FTSE 100 is moving higher this morning, following a pullback into the same 7543 lows seen around 19-21 June.
This respect of the previous support levels highlights the potential for a complex inverse head and shoulders formation to come into play, with a break above 7706 providing that bullish confirmation. Until that happens, watch for a rally above 7632 as a bullish signal for the short term. A move back below the 7540 support level would start to throw this emerging bullish picture into doubt.