FTSE 100 showing signs of weakness
The FTSE 100 seems to be struggling around a key resistance level, with the failure to rally through yesterday’s high seeing the index turn lower towards key support levels.
While we have seen a wider consolidation over the past two months, the creation of higher highs doesn’t seem to be providing any sort of bullish breakout yet. This points towards the potential for a move lower in the near future. The two-hour chart highlights the potential for this, with lower highs in play this morning. Should we post an hourly close below 7706, then this would point towards the bears coming back into play.