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FTSE breaks down to critical support level
The FTSE has crashed through the crucial 6060 support yesterday, providing a good chance of a bearish head and shoulders formation. The ability to break and close below 6006 is going to be key to the day’s price action as this definitively confirms this pattern.
With price currently attempting to do exactly that, a closed hourly or four-hour candle below this level will likely spark another sharp move lower for the index today, with few major support levels to the downside. Conversely a break and close above 6042 would negate this bearish view.