The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
FTSE 100 dropping at open
The FTSE 100 looked likely to break higher this morning following a positive start to the day in pre-markets. However, with oil prices tanking, we are seeing the FTSE 100 dropping below trendline support, pointing towards a possible bearish shift for the index.
Given the move below that trendline, the key level to watch comes at the 7240 swing low. An hourly close below there would point towards the beginning of a more protracted retracement, with the 7100 region of particular interest. With that in mind, watch for a possible near-term recovery or else a bearish signal coming into play below 7240.
.jpg)
