FTSE 100 hits another Fibonacci on its grind higher
The FTSE has been pushing higher from the 76.4% (7171) Fibonacci retracement this week, with price pulling back once more to hit another 76.4% (7174) this morning. The fact we did not break below 7160 points toward a likely move back into the previous highs of 7205.
As such, a bullish outlook is in place, with a move back above 7200 and 7205 likely to be around the corner. A break below 7166 would serve as a warning sign that we could see some short-term weakness for the index.