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FTSE pulls back after surge higher
The FTSE has been moving lower following a rise to the upside late last week. The creation of a new lower high, followed by a break of the low pointed towards a more protracted selloff. However, while further downside seems possible, I would need to see a move below 6400 to gain confidence that this is anything other than a short-term retracement.
The Bollinger band has been touched this hour and thus we could see the price react to that level. However, for now, I see this as a short-term retracement as long as the price remains above 6400.