FTSE rally unlikely to last
The FTSE has been rallying heavily since yesterday evening, as the index seeks to regain ground lost in yesterday’s massive selloff. Unfortunately it seems the damage has been done and largely this feels like a short-term retracement more than anything.
With the current candle providing new intraday highs, it seems the upside is not over yet, however it seems prudent to await bearish signals for another leg lower rather than getting too carried away by this current bounce.
Key resistance levels of note are 6174, 6203 and 6270. Should this market turn lower once more, the notable support levels to watch are at 6123, 6070 and 6000.