FTSE 100 pullback likely to provide buying opportunity
Yesterday saw the FTSE 100 rally through the peaks set throughout the past month, bringing the price within touching distance of the crucial 7796 resistance level.
This points towards the gradual ascent seen over the past week as being something which will likely resolve with a break through 7796 rather than a breakdown. With the price falling sharply this morning, there is a good chance that we are seeing yet another retracement before we push higher once more. With that in mind, it makes sense to look for long positions from Fibonacci support, with the 61.8% (7701) and 76.4% (7682) the levels worth watching. A break below 7651 would negate this bullish outlook.