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FTSE 100 regaining ground after wedge breakdown
Following on from a wedge breakdown into the 76.4% retracement, the FTSE 100 is moving higher.
There is a strong likeliness we will see the index move higher from here, yet it is worthwhile noting that given the wedge break, there is a strong chance we could be seeing another retracement before we turn lower once again. A break above 7340 would negate such a theory, and point towards the market being on a more sustainable recovery path. Until then, while further upside is expected in the near term, there is also a chance that we will see the sellers come in once more.