FTSE retraces following breakout
The FTSE 100 is turning lower this morning, following on from the strong bullish breakout seen following Friday’s payrolls number. The fact that price broke the swing highs of 6852 and 6885 provides us with a clear positive outlook and as such this current move lower represents a likely break before another leg higher.
Watch out for key support levels of 6885, 6875 and 6852 as potential areas for another push higher. Shorter term charts can be useful for finding reversal patterns to indicate as much.
We would need to see an hourly close below 6809 to bring this bullish outlook into question.