FTSE 100 breaking into another bearish phase
The FTSE 100 has been trading within an ascending triangle formation over recent days. However, with the price falling below the 7711 swing low, we appear to be seeing the beginning of another leg lower for the index.
Greater confidence in this notion would be gained should the price break 7684, yet for now we are seeing the tentative first bearish signs. Watch for an hourly close below 7711 as a bearish signal, where the price would have to break up above 7747 to return a more positive outlook.