Good morning
A weekly close below 5800 has left the FTSE weak and vulnerable to further downside towards 5600 (March lows). We also saw a negative outside day on the daily chart on Friday (the FTSE made a higher high and a lower low when compared to the previous trading day and also closed lower). Negative price action.
With that said we also have a quarterly expiry on Firday and these events often co-inside with reversal points so we could see a good buying opportunity for the longer term towards the end of the week and at this stage given the correctional and messy nature of this decline I do not feel this is the makings of something bigger.
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