No rebound for the FTSE 100 as Oil prices fall further

Following earlier reports noting the fall below $84 in Brent crude today, the FTSE 100 has edged back towards its earlier session low (8,136.86). Brent crude has now taken out the first technical correction level, at $83.64 and fallen to around $84.30 so far and that is adding pressure on the FTSE 100. Looking back at the chart on that one we can see it based out at 8,114 on June 11 and then again at 8,106 on July 2. The risks of a drop below 8,105 have been highlighted here a few times already and again earlier today. Look it is not being threatened yet, but if the oil price keeps falling it will add more more pressure on the index. Beyond 8,105 the first technical support in place today is that stemming from the 100 day moving average, in place right now at 8,064. The FTSE 100 is currently trading at 8,142. It is also worth noting the importance of the UK CPI report at 6am tomorrow and what impact (in ether direction) that might have in either direction, irrespective of what unfolds this afternoon