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FTSE 100 back to November rising trendline
A 4% decline from the June high has seen the FTSE return to the rising trendline from late November last year. It bounced from here in April, and, for the time being, it appears to be holding.
A move below 7280 would turn the outlook more bearish, but for now a bounce back above 7367 could open the way to the 50-day simple moving average (SMA) at 7426. A daily close below the rising daily trendline could see a test of the 7260 area, and then down to the 200-day SMA at 7188.
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