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FTSE 100 futures point to a lower opening this morning- 8,105 on the radar again
If you care to take a look at a daily chart of the FTSE 100 over the past 2-3 months you will see a series of higher lows and lower highs characterising the price action. That is forming a wedge pattern on the chart. Eventually this will break and we will get a move. The noted support level at 8,105 has capped the downside since July 2 and that has been covered in many updates here since. The index closed yesterday at 8,167 with a loss of 31 points on the day. The low seen yesterday was set at 8,151. The losses in the US and Asian markets since then and the downside in the US futures this morning is adding pressure onto the FTSE 100 futures right now. The index is currently priced to effectively reopen below the lows seen yesterday. Just now that is at 8,135. Hence, it looks like 8,105 is very much on the radar again today
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