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FTSE falls into major support confluence
The FTSE has followed its US counterparts in the past 24 hours, with the index falling to a key support level. The cluster of trendline, Fibonacci (76.4%) and simple moving average (200-period on four-hour) support at the current 7306 region means this is a critical juncture.
An hourly close below that level would point towards further downside, where we would come closer to negating the uptrend in play over the past two-months. For that to happen we need to see a break back below 7262. Until then, there is a chance this is just a retracement set within a wider uptrend. Previous occasions of an oversold stochastic with a deep retracement have typically sparked another surge higher. Will we see the same here?