FTSE sell-off fails to fully take hold
Yesterday’s attempted break through the 6237-6249 support zone failed to hold, with the index immediately rallying up to the 6324 resistance level (December 2015 peak). However, we have since seen the index drift lower, with that support zone once more in question.
Given the importance of this zone, a bearish view would only come in the event that we see a break and hold below 6237. Should that occur, we would be looking towards support levels at 6163 and the head and shoulders projection, which coincides with the 6060 support level.
Alternatively, should the 6237-6249 support zone hold, we could see another bounce, with resistance levels of note coming at 6324, 6337 and 6376.