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FTSE on the cusp
The FTSE is selling off once more this morning, with the price falling to 6252 support. This level is huge and a break and close below it could lead to significant losses. The fact that yesterday saw the price create a high equal to the Tuesday high means there were tentative signs that this market could be bottoming out. Thus another failed break below 6252 could provide a nice bounce and potential double bottom. However, ultimately, we will need to see either a break and close above 6330 or below 6252 for us to gain a clear direction in this market.
A closed intraday (four hour or one hour) candle above 6330 would look towards 6356, 6396 and 6429 levels. A close below 6252 would look towards 6174 and 6133.