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FTSE 100 rally falls short
The FTSE 100 managed to rally out of a symmetrical triangle formation yesterday, yet the subsequent move turned out to simply be a deep retracement, as the index continues its decline after rejecting the 7312 resistance level.
The overnight move below 7201 points towards further downside to come, with any near-term upside likely to provide a shorting opportunity, as long as the price does not break above yesterday’s peak of 7292.