FTSE 100 drops back below 7300
Friday saw the FTSE 100 push back above the 7300 level, but today the market is looking slightly overbought, so the early pullback is no surprise. However, we have had a steady move off the lows of mid-September, with higher highs and higher lows forming on the hourly chart.
Friday’s low at 7233 and then the mid-September low of 7195 are the support areas if the index continues to head lower. A turn higher will target the Friday peak at 7320, and then on to 7360, 7400 and 7450 if the rally pushes on.