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FTSE continues to trend upwards
The FTSE is pushing higher this morning, following a shallow 38.2% retracement overnight. This comes off the back of a break through trendline resistance and the January high of 7359. The next hurdle is going to be an absolutely crucial one, with a break through 7409 required to negate the downtrend we have seen over the past two months. Should that occur, it would point towards a wider recovery and continuation of the wider uptrend.
As such, while there is a clear uptrend in play, watch out for the ability to break 7409, as this will give us clues as to whether we will head to new highs in the near future or not. On the flipside, an hourly close below 7321 would point towards a bearish picture developing.
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