FTSE turning from Fibonacci resistance
The FTSE 100 looks to be turning from the key 76.4% resistance level this morning. Clearly we have seen a turn of fortunes, with last week’s rally turning into negativity. However, there is no sign that this is a complete reversal rather than a retracement.
That being said, it makes more sense to be bearish for another move back below 6430 than a break through 6581. Should we see an hourly close above 6431 then this would signify a shift back to the bullish short-term outlook of last week.