FTSE 100 breaks below trendline support
The FTSE 100 managed to break below trendline support yesterday, with overnight consolidation providing a heightened chance of a shift lower from here. On previous occasions when the index broke into the bottom of the Bollinger band, we have seen the price turn higher soon after.
As such, with the price now trading near the bottom band, a sharp move lower and close below the bottom band would go a long way to signaling a bearish reversal signal. Until then, there is still a chance we could rebound from Bollinger support.