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FTSE breaks below key support level to bring bearish bias
The FTSE has broken below the lower end of the falling wedge we were watching yesterday, bringing a break of the most crucial level; 6489. This now turns the symmetrical triangle into a clear example of lower highs and lower lows. Thus the next major support level to be watching for is at 6429, which could easily be reached in the coming days.
I personally prefer to trade the pullback and see a retest of 6489 as new resistance, yet this opportunity is never guaranteed. In any case, this creation of a new low is a bearish indicator and points towards further losses both in the short term and the medium term.