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FTSE back to range top
The FTSE has posted a number of indecisive candles (doji and spinning tops) since mid-Friday, with price at the top of the range that has been in play over the past month. Given the clear sideways range which has dominated trade in recent weeks, it seems most likely that the FTSE will once more break lower, with the lower end of the range between 6067-6100 in view.
However, with a strong rally leading into this continuation pattern, there is a good chance the eventual exit will be upward. As such, should we see a closed hourly candle above 6220, it would provide a good chance of a sharp rally for the index, with 6270 the next key resistance level.
