FTSE 100 turning lower after recent ascent
The FTSE 100 is turning lower again, following a rally into the 7502 resistance level overnight.
The fact that we saw a fall into the 7446 area negates the creation of higher lows and points towards a potential bearish reversal from here. Given the rally into the 76.4% resistance, this bearish potential carries greater weight. With that in mind, there is a strong chance we will turn lower, with a rally above 7558 required to resume the recent uptrend.