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FTSE rally continues apace
The FTSE 100 has seen another leg higher this morning, following on from the latest BoJ action overnight. The wider picture remains one of lower highs and lower lows, which remains in place until we see a break back above 6932.
Nevertheless, with price having driven past the 76.4% retracement, there is a growing chance of a break higher from this month’s low pullback. Essentially, we remain open minded to a potential reversal, with a break through 6932 required to negate that.
However, it is worth watching for a bearish reversal signal first which would come with a break and hourly close below 6813. Until that happens, traders are likely to continue buying into dips.