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FTSE 100 bouncing about to end?
Those brave enough to buy the dip yesterday have enjoyed a good bounce, but that may be coming to an end now. The FTSE made a new lower low yesterday, at 7424, and now we look to see how the bounce back to 7480 plays out.
A turn lower from here gives us a selling opportunity, as part of broader equity weakness. We also saw something of a double top yesterday on the hourly chart, around 7535, so the bearish signals are stacking up. Downside support lies around 7409, and then on to 7360 and 7260.
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