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The FTSE 100 looks like it could be continuing its recent consolidation, with yesterday’s sideways price action giving way to gradual losses overnight.
With a consolidation phase underway, the stochastic becomes more useful and as such, the current bearish cross could have implications for price action. Ultimately, the trend coming into this pattern means it makes sense to remain bullish unless we see an hourly close below 6432.
However, there is the potential for a descending channel to come into play over the short-term and as such, we would need a break and close through 6744 to resume the recent uptrend.