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FTSE sells off from resistance
The FTSE 100 sold off once more from the crucial 6237-6249 resistance zone yesterday, providing the possibility of a bearish head and shoulders pattern, which would require a break below 6006 for completion. Currently the index is breaking below the crucial 6129 support level, which would provide a bearish outlook for the day should we see an hourly close below this level.
Ultimately, it seems we are stuck within the same 6060-6237 range that dominated trade throughout March. As such, a closed hourly candle below 6129 would point towards a likely return to 6060 in the coming days.
A return towards the bottom of the range would likely then bring about buyers once more. This view would be called into question with a closed hourly candle above 6157.