FTSE moving back to support level
The 6123-6200 range that was respected on Thursday and Friday appears to remain in place today with an early selloff pointing towards a move back to 6123. With the 50- and 100-SMA at the lower end of this range, it is worth noting those as further support levels for the index.
With the price breaking lower from the rising wedge (bearish formation), the overall picture is becoming more bearish unless the price moves back above 6295. However, for now I expect this range to hold with a close out of the 6123-6200 range to signify the breakout. A close below 6123 would point towards a move to 6070, whereas a close above 6200 would look towards 6260 and 6295.