FTSE 100 heading higher from trendline support
The FTSE 100 is pushing higher following a fall into trendline support, as the index continues to create higher lows within a month-long period of consolidation. Despite a range being in place since mid-June, the index is taking on a more bullish outlook.
The continued creation of higher lows is also accompanied by tentative breakouts to the upside, with the price hitting the highest level in five weeks on Tuesday. With that in mind, it is likely we will continue to push higher from here, where a break above 7741 would continue to strengthen the case for a bullish breakout. Conversely, a fall below 7640 would signify a likely short-term sell-off towards the bottom of the range.