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FTSE 100 dips below 7300
FTSE 100 is dropping back from the highs of the past week, but for now remains in an uptrend from the lows of two weeks ago. A rising trendline from those lows would come into play just below 7260, which would create a higher low and a potential area to add to positions or initiate new longs.
A close below 7250 would then raise the prospect of a test of last Friday’s low at 7233, with 7194 below that. Last week’s high of 7323 is the first target to watch on the upside, followed by 7360, 7400 and 7450.