FTSE 100 rallies into key resistance
The FTSE 100 has continued to move higher following a 76.4% retracement over recent weeks. The push higher from the Fibonacci level has taken us back to the scene of last week’s big breakdown. That support level of 7294 now forms resistance, with the price action dictated by how this index responds to that level.
An hourly close above 7294 would point towards a potential move into 7320 or 7350. Conversely, an hourly close below 7262 could point towards a weaker trend coming back into play.