FTSE below 7340 signals a move towards first support at 7315/20. A good chance this will now hold the downside as it worked so well as resistance. Longs need stops below 7290. A break lower however re-targets 7245/40 before the June low at 7235/32. Be ready to sell a break below 7230 targeting 7205, 7190 and perhaps as far as the May low at 7165/60. We meet very strong 200 day moving average and 23.6% Fibonacci support at 7146/36 which will be the best chance of a low for the correction.
We held strong resistance at 7370/75 perfectly but shorts need stops above 7390. Be ready to buy a break targeting 7410/15 and perhaps as far as 7425/30 before quite strong resistance at 7452/57.