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FTSE 100 rebounds from range support
The FTSE 100 managed to rally sharply from the crucial 7543 support level yesterday. That has largely capped any move to the downside of late, with the subsequent rally respecting our previous support level of 7632 as new resistance.
The big question is whether we are going to continue to respect this range. With the index turning lower, watch out for a possible failure to break below that 7543 level to signal the beginning of a bullish phase to take us back into the top of the range. A break below 7543 would point towards a move back into 7489 as the next support level.