FTSE’s drift lower continues
The index fell back from the 6200 area yesterday once again, dropping through the rising trendline off the August lows and putting the emphasis back on the downside. The price has dropped through 6100 as well, with a continuation of this move heading towards 5985 and then 5906.
The daily RSI, already drooping yesterday, has turned lower; combined with the failure to push on through 6200 that we saw in September, the path of least resistance seems to lie to the downside. It would take a bounce back above 6200 to put the buyers back in control, with a possible move to 6320 likely if that transpires.