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FTSE falls towards range support
The FTSE 100 is tumbling this morning, in a move which is consistent with the range that has been dominating price action since the beginning of March. Typically this index tops out around 6200-6220 and bottoms out within the 6067-6100 zone.
This means that while we are seeing a deterioration, it may not sustain for long and thus intraday bullish reversal signals should be watched out for as possible signs that we are set to return to the top of the range. A closed 4-hour candle below 6067 could provide us with a warning sign that this bounce may not come.