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FTSE100 – Increased odds of break below rising trend line

TVC:UKX   Index of the 100 listed UK companies
Tuesday’s rebound from the rising trend line failed to materialize into a break above immediate resistance of 7055 ( Oct             14 high).

The decline to 7018 levels seen as I write forces me to consider whether the bulls are exhausted and would gather steam only after a meaningful correction has happened.

A daily close today below 7000 levels would open doors for re-test and a possible break below rising trend line support which by Monday would have shifted higher to around 6980. A daily close below the trend line on Monday could yield a drop to 7000.
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