FTSE rounding off as we await confirmation of retracement or consolidation
The FTSE has traded largely sideways over the past two trading days. However, the failure to create a new high above the 6808 resistance level is a warning sign that we could be seeing the beginning of a retracement lower. We have not seen the new low to confirm that, and thus I would be bearish over the short term should the price move below 6750. However, this could simply be a period of sideways consolidation and a move above the 6808 level would bring a renewed bullish outlook.