FTSE into range resistance once more
The FTSE 100 is attempting to break through 6179 resistance once more this morning, following on from a temporary retracement last night. Given the fakeout last week, the new breakout level is 6197, where a break above this would bring about the possibility of a surge of directional volatility.
For now, the short-term uptrend is very convincing, yet it seems prudent to await a response to the 6197 resistance to gain a directional bias. Above that level, the resistance levels to watch are 6224, 6237 and 6249. Alternatively, a closed hourly candle below 6158 would bring a more bearish short term view, with 6140 and 6105 the next levels in view.