FTSE 100 opened higher this morning, however, has now pulled back on hot US CPI figures.

The FTSE100 opened higher this morning, however, has now pulled back 0.9% on the day as US CPI figures came out at 8.3%, 0.2% than expected (8.1% forecast). As a result, the FTSE is heading lower. Initial support for the index sits at the middle Bollinger band (7,351). A break below could take the index towards the channel lows of 7,250. A break of this channel could create a negative outlook for the index. The upside is also likely limited by the channel resistance at 7,575. A break above here could take the index back to all-time highs. RSI is currently turning down with a reading of 53. MACD also remains positive. An opportunity to go long could arise on a further decline in the index towards the supportive levels mentioned above,