The FTSE looks to bounce to resistance above 7,858 but may struggle at that level.

The FTSE looks to bounce to resistance above 7,858 but may struggle at that level. Support for the index sits at yesterday's low of 7,768, a further breakdown here could see the index fall much lower towards 7,700. It's worth noting that the 50 & 100 SMAs have just crossed over and trendline resistance was clearly broken yesterday, however, a bounce seems plausible towards that resistance at 7,858. A break above here would be very positive and with FOMC later that could be possible however, major risks do weigh in fundamentally. Banking may see a benefit from further rate hikes, however, oil & gas giants are 'under pressure' as performance is not matching that of 2022 when prices were at record highs, therefore, share prices are readjusting to the current environment which is making it very difficult in the short term to determine the true direction of the FTSE. On the technical aspect, a bounce followed by either resistance at the said level above or consolidation sees most likely right now.