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FTSE bounce short-lived as resistance points to losses
In much the same way as it seemed difficult for the FTSE 100 to move below a whole raft of support levels between 6624 and 6691, the fact that we have now seen it happen means that any resurgence is likely to run into significant resistance.
We have seen that perfectly today, with price failing at the first of those levels (6624). Given this, it is clear that there is likely to be an easier path for bears than bulls at the moment and as such I am bearish for another leg down towards 6500 and on to 6440.
The bearish engulfing being formed provides yet more confidence of this possible move.