FTSE downtrend weakening
The FTSE sold off once more yesterday, with price recovering later into the session. While this morning started in a bearish manner, the worry was that we were not seeing selling occur with the same degree of vigor as previous occasions. Thus, this provided a nod to the potential of an upside break.
Given the clear downtrend in play, a bearish view holds until we see the break of 5969. However, this is seemingly ever more likely given the rally we are currently seeing. Until that does happen, the downtrend remains in play, where 5902, 5878 and 5864 represent the next support levels. The bullish signal would be an hourly close above 5969 which would bring resistance levels of 6011 and 6024 into view.