FTSE consolidates following recovery
Last week saw early losses recouped towards the latter end of the week, with the index finishing just moderately lower that the open. However, this week has started in a much more serene manner, with the price consolidating between 6357 and 6400. I will await a breakout from this sideways price action for direction, where a break higher would look towards 6454 as the key resistance to watch for while a break below 6357 would point towards 6344 and 6317.
For the medium-term outlook, we need to either see a break above 6454 or a move back below 6252 to bring the chance of another big selloff.