FTSE finds SMA support
The FTSE drifted lower in the latter half of the trading day yesterday, with the price pulling back to the 100-period simple moving average (four hour) at 6312. The long lower shadow on that spinning top candle pointed to a possible short-term bottom, and we have since seen the price move higher. This upside is likely to persist to create a new high today, in line with the uptrend seen throughout the week. Thus the bullish sentiment remains with resistance levels worth watching at 6356, 6368 and 6396. Should the price close below 6312, then this could provide the possibility of a stronger move lower with support levels at 6300 and 6249. Yet for now the bullish view remains.