The FTSE has just broken below the supportive trendline on the 1 hour timeframe. The support was sitting at 7,479 and the price of the index closed at 7,476.

The FTSE has just broken below the supportive trendline on the 1-hour timeframe. The support was sitting at 7,479 and the price of the index closed at 7,476. The next levels of support sit at 7,462 then at 7,447 and then at 7,439. A move and close below 7,439 could see the index slide lower towards 7,428. If consolidation takes place around its existing level, we then would look towards resistance levels at 7,477 then at 7,491 and then at 7,497. A break and close above 7,497 may see the FTSE rise back up towards 7,516, which was a failed attempt of trying to move past 7,518 as the resistance was overpowering. Looking at the indicators, both are negative with the RSI reading 35.