FTSE rallies into key resistance level
The FTSE has pushing higher following yesterday’s Bank of England (BoE) meeting, with the price returning back towards the crucial 7487 mark. A break above there would provide a bullish outlook, meaning the weakness we have seen over the fortnight is simply a 76.4% retracement.
As such, watch out for a potential hourly close above 7487 as a strong bullish signal. Alternately, an inability to break through that level would point towards a possible retracement of yesterday’s sharp rally.