FTSE tumbles into crucial support level
The FTSE has seen another strong move lower this morning, following on from weakness throughout last week. We have seen nothing to say this trend is going to stop and further losses could be on the cards. With price now almost back to the crucial 7127 mark, there is a chance we could start to see a challenge to this morning’s losses.
Given the highly extended nature of today’s sell-off, this support level is going to be absolutely crucial. An hourly close below 7127 would point towards further downside. However, watch out for potential reversal candles as a sign that a bounce could be upon us.