FTSE 100 needs to close above 7450 to avoid a bearish development
Having gapped lower overnight, and having fallen back below 7450, it may be that a new selling opportunity presents itself on the FTSE 100.
While on the daily chart the upward move remains intact, and already buyers have stepped in this morning, a failure to post a daily close above 7450, as we saw on Friday, would be a bearish development. Today could prove to be a crucial moment. Further downside momentum would head towards 7300, and then we would see if this zone of support can hold once more.