FTSE looks bearish following breakdown
The FTSE 100 sold-off sharply at the open this morning, following on from a triangle formation over the past 24 hours. The break through trendline support alongside the 6778 swing low was a bearish signal that could spell trouble for the index.
This week’s OPEC meeting will likely provide the key catalyst for whether these losses remain, yet from a technical perspective, things look primed for further losses. Price is regaining ground following initial weakness, yet we are likely to see the index move lower before long, with an hourly close below yesterday’s low of 6768 key to further downside.