FTSE retracement likely to provide next leg higher today
The early FTSE gains seen yesterday gave way to a consistent bout of selling which has finally been broken by a single move higher so far this morning. Given the recent uptrend in play, there are no signs of a possible reversal yet, and thus the likeliness is that we will see the FTSE continue its recovery, with another leg higher today.
The 6727 resistance level is clearly being respected for now, yet as long as the price remains above 6680 I expect another move higher as we seek to regain the 6808 level. For now, I look towards 6766 as the first level to regain, with a break above that likely to bring another round of gains.