FTSE 100 - 1 hourly - possible long opportunity.

Technicals

From a technical aspect, the FTSE 100 could have a short term bounce near the 7,500 region. RSI currently reads 31 with support further below at the 7,460 level. Unless the FTSE breaks here on a daily timeframe would the outlook then turn more bearish in the short term. Towards the upside, initial targets/resistances sit at 7,525 followed by 7,535 and then 7,573. The FTSE is heavily weighted in gas and oil as well as banking so high commodity prices and higher interest rates will actually help buoy the FTSE in our opinion.