FTSE downside expected
The FTSE 100 has been drifting lower this week and as of yet, we have seen not signs that this will stop. There is a warning sign, in the form of a failure low, which didn’t move below the earlier low set yesterday. This has created a new symmetrical triangle for the week, which is subsequently being broken to the downside this morning. Thus, further downside is expected unless the price closes above 6330 resistance. Support levels to watch are at 6249, 6228 and 6209, while resistance at 6330 and 6368.