FTSE’s close below 6429 a major bearish signal
The FTSE has broken and closed below the crucial 6429 support level, setting us on yet another leg lower. The crucial thing to follow is the creation of new steps lower, and until we see the creation of a new intraday high or higher low I expect us to continue trading lower.
Any upside is likely to find resistance at 6384, 6410 and certainly 6429. Given that the breakout is so recent, the creation of a higher high, above 6410 would be forgiven as long as the price then finds new resistance at the 6429 level. Thus I am bearish as long as the price remains below 6429. The next major level of support to watch out for on the downside comes in at 6295.