UK100 Recovers Above Psychological Level

FTSE 100 bounces back as inflation fears take a back seat. The index saw strong buying interest at 6840, a demand zone on the daily chart.

The rally above 6980, the origin of the latest sell-off then the psychological level of 7000 is an indication that buyers have strong conviction to push back.

The crash seemed to be an opportunity to buy the dip once again. A close above 7045 would prompt more buyers to join and send the price towards the peak at 7165.

On the downside, 6940 is the immediate support.

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