FTSE 100 at risk of going lower
The current confluence of trendlines and resistance will make life difficult for bulls, but if it does push higher, we will see a step change on the FTSE.
The downward trend off the 7448 all-time high is coming into play already this morning, while the price is now trying to break back above the rising trendline from the Brexit lows. Add to that the 7360 resistance level, the January high, and it might be that a failure here could spell a major turn lower. Downside targets lie at 7260, and then down to 7182. An upside break of 7360 would spell a return to 7448.