FTSE 100 turning lower from trendline resistance
The FTSE 100 has turned lower this morning, following a rally into trendline resistance overnight. With the price showing an arising wedge formation, there is still a strong likeliness that we will see further upside to come.
Given the current pullback, it makes sense to look for longs around the 50-61.8% retracement zone (7263-7245). A break below 7186 would provide a bearish signal, bringing about a likely sharp move lower for the index.