FTSE 100 in the bull’s hands
The index continues its move lower, after a sharp reversal yesterday that showed strong selling pressure still lies around 7050. The next area to watch is 6940, the lows of 13 and 17 October, and then below this lies the 50-day simple moving average (SMA) at 6893.
Bulls have a clear task if they are to get the index moving higher – a close above 7050. If this is achieved then we could see a move back to 7130. For now, however, the sellers are in charge.