FTSE 100 continues to follow current channel
Perhaps we have seen a bottom, at least for the time being. It’s remarkable the FTSE 100 has been so obedient in following the lines set up by the current descending channel.
Sustained price action above 5600 would incline us to be more bullish, at least in the short-term, with targets around 5637, and then on to 5770.
A lower turn, with a move below 5550, would signal the bounce has run its course, but we would wait for movement below 5500 to signal that the bears really are in charge once again.