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FTSE continues to grind lower
The FTSE continues to move lower in a retracement of the bullish move we saw last week. It was crucially notable that last week saw a close back above the 5916 swing high. This provides a good clue that we could form a new higher low for another bounce. For now, we have seen no bullish reversal signals and thus this selling pressure is expected to continue until we see a short-term bullish reversal signal.
So far, this morning has found support at 5768, which marks a cluster support from last week. However, we would need to see an hourly close back above 5846 to become bullish once more. Until that happens, further losses are likely.
Support levels of note are 5764, 5737 and 5600. Resistance levels are at 5846, 5916 and 5953.