FTSE falling towards key support level
The FTSE is pulling back towards an ascending trendline and 6123 support zone which represents the lower range of the rising wedge that we have seen respected over the past two weeks. Given past experience, it seems likely that this selloff will find some sort of bounce above 6123, with the 50-period SMA also providing a reliable support level (currently 6131).
Ultimately any bearish outlook would require a move below 6010, and for now we are some way away from that. Thus I am bullish as long as the price remains above 6123, with a push back towards 6220 seeming likely today.