FTSE 100 consolidation expected to lead to further downside
The FTSE 100 has been consolidating since the early losses exhibited yesterday. With the price moving into a previously notable region of resistance, we could see some support come into play.
Despite this, a bearish outlook remains valid, with further downside looking likely from here. The middle Bollinger band has provided reliable resistance within this recent downturn, and thus it makes sense to expect the same on this occasion. Thus a move lower seems imminent. This bearish view remains as long as we are trading below 7761.