FTSE turning lower from trendline resistance
The FTSE 100 enjoyed a substantial rally off the back of yesterday’s Federal Open Market Committee minutes. However, we are now seeing the market turn lower from both trendline and simple moving average (50) resistance. The crucial thing here is the ability to break below 6878, where an hourly close below this level points towards further downside to come.
Alternately, an hourly close above yesterday’s high of 6919 would look to negate the recent sell-off and would point towards a resurgence for the FTSE. Support levels of note are 6878, 6864 and 6847, with resistance at 6919 and 6950.