FTSE pushes higher once more, yet will support hold up?
The massive FTSE bull run seen over the past week continues apace today, with a strong start to the tune of 70 points in the last three hours. No doubt, this is going a long way to bring a more bullish sentiment to trader’s mindsets, especially given the break back above 6300. However, the current candle is showing signs of a possible pullback, and with the likes of the stochastic and MACD histogram rolling over, I believe there is a possibility of a pullback to come.
The key is that support level of 6344, which needs to be broken for a move back to 6310. Should the price find clear support from that level, another leg higher seems feasible, yet a move below would likely to lead to further losses. Thus I see this 6344 level as being pivotal in the morning session.