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FTSE 100 rebounds from support zone
The FTSE 100 failed to break into a new intraday low yesterday, despite sharp selling into the evening.
Early morning gains today look like they could provide some hope for bulls. However, we would need to see a break and close above the 7325 resistance to provide a more bullish outlook. Alternatively, a break below the 7220 support level would signal a likely next leg of this recent breakdown. Should that come into play, watch for a move towards the 76.4% retracement at 7092.