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UK 100 To Test Daily Support

The FTSE 100 struggles with doubts about vaccine efficacy against the omicron variant.

A drop below the daily support at7190triggered a sharp liquidation. Then a short-lived rebound has met stiff selling pressure at 7170. The index is hovering above the origin of the October rally at 6945.

The bulls will need to clear the resistance before they could hope for a recovery. Otherwise, a bearish breakout would send the price to test the triple bottom (6830) from the daily timeframe. And that is the key to the uptrend’s integrity in the medium term.

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