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FTSE rally unlikely to last
The index is rising this morning, following on from another leg lower after a largely hawkish set of Fed minutes yesterday. Despite early gains, we are clearly trending lower over the past 48 hours, following a rally into range resistance around 6220. As such, we are looking for a return to the lower end of the range, around 6060.
With that in mind, any rally into the 61.8% or 76.4% Fibonacci retracements are likely to be sold into, for a move lower. Key support levels are 6101, 6095 and 6060. A closed hourly candle above 6136 would negate this bearish short-term view.