The FTSE 100 outperforms global peers supported by commodity and financial stocks. A tentative break above the supply zone around 7350 has put the index back on track. A bullish MA cross on the daily chart suggests that sentiment may have improved. The latest retracement found support on the 38.2% (7220) Fibonacci level. A close above 7350 would flush out the remaining selling interest and trigger an extended rally towards 7450. The 50% retracement level at 7180 is buyers’ second line of defense.
