FTSE continues to rally higher
The FTSE continues to move higher this morning, in a continuation of the rally which has seen the index gain over 6% since last Thursday’s low. This period of upside seems likely to be a temporary phenomenon and thus the medium-term bearish outlook remains.
However, we have not seen any signs to say this short-term uptrend is finished for now. As such, further upside is expected, with 5945 and 6000 the next key resistance levels of note. Our bearish view would begin to take shape with an hourly close back below 5809, which would then look towards 5768, 5740 and 5713 support levels.