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FTSE could fall to 6160
A look at the daily chart shows how crucial the 6300 level is becoming. The move below it yesterday raised fears of a more sustained drop, and with the FTSE 100 being essentially in the same place it was at the beginning of October, there is now a risk that a top is in place. A close below 6250 would be the really bearish development, with a move towards 6160 and then 6100 in prospect. The index needs to clear 6500 on the daily chart to confirm the beginning of a new leg higher, while resistance for the time bring is likely around 6370 and then 6430.