FTSE100 bullish ambitions stopped by supply line
MarketsFN Team
•1 min read
Second consecutive losing session for the FTSE100, which found resistance against the supply line that links lower highs generated from its record high in area 8,040.
The index is at 7,602.9 , down by 0.73% and is testing at the moment both its 200 day SMA and 55 day EMA.
If volatility would compress lowering the trading range for a few sessions a possible bullish breakout attempt would be possible, but if weakness would continue another bearish leg would bring the FTSE100 to test 7,370. Below this level the critical support that would avoid the generation of lower lows is its 2023 bottom in area 7,210.
