FTSE 100 dropping at open
The FTSE 100 looked likely to break higher this morning following a positive start to the day in pre-markets. However, with oil prices tanking, we are seeing the FTSE 100 dropping below trendline support, pointing towards a possible bearish shift for the index.
Given the move below that trendline, the key level to watch comes at the 7240 swing low. An hourly close below there would point towards the beginning of a more protracted retracement, with the 7100 region of particular interest. With that in mind, watch for a possible near-term recovery or else a bearish signal coming into play below 7240.