FTSE sell-off looks set to continue
The FTSE 100 managed to rally into the 61.8% Fibonacci resistance level yesterday, before turning sharply lower in what looks like a continuation of the downtrend we have seen over the past fortnight. The bearish outlook remains, with price expected to fall back below 6910 to create a new low.
Should that occur, then the line in the sand for this downtrend to remain intact would shift to yesterday’s high of 7011. Until then, a bearish outlook remains in play unless we move back above 7068.