FTSE 100 consolidating within triangle formation
The FTSE 100 is trading within a symmetrical triangle formation this morning, as the index consolidates off the back of last week’s sell-off.
A break above 7198 would complete a double bottom and point towards further upside. However, until that happens, there is still a chance we could simply turn lower once more. As such, it makes sense to watch out for the breakout to guide us from here, with an hourly close above 7198 pointing towards further near-term gains, while a break below 7117 would point towards a more bearish scenario.