FTSE showing bearish signs
The FTSE 100 is showing signs of weakness this morning, with the resurgence fading into lower highs and flatlining bottoms at 6209.
This support level is in the process of being broken and a close below 6209 would provide us with a bearish view for the day. For now, price has found support at a descending trendline, which forms the neckline of a head and shoulders formation.
However, should the FTSE manage to break through both trendline support and the 6197 level, then another big leg lower seems likely. Given the break through 6209, the bearish view clearly holds unless price closes back above 6228.
Support levels of note are 6197, 6185 and 6123.