FTSE gap lower sees initial bounce
The Greek crisis took a turn for the worst over the weekend, with the chances of a Grexit seemingly increased significantly. As with many significant shocks to the market, the initial move in the FTSE has been judged as having overshot the mark somewhat and we are seeing a strong retracement higher. That being said, it is likely that this strength is temporary given the current political circumstances, and thus I am expecting prices to turn lower between the 6623 and 6672 resistance levels. The key to finding the point of reversal is to watch intraday charts for reversal candlestick patterns.