FTSE gradually selling off
The FTSE is clearly trending lower over the past three trading days. With trendline resistance in play, the continued respect of this would point to further losses. The 6356 level has provided key support over recent weeks, and thus this is certainly a level worth watching out for. A close below 6356 would point towards a move back towards Friday’s low of 6331 and possibly on towards 6312. However, watch out for the 50-hour SMA and trendline resistance around 6376, which if broken could begin a move back towards the 6420 and 6460 area.