FTSE back on bullish tone
The retracement lower seen in the FTSE over the past three trading days appears to be over, with the bottom marked by a big 4-hour spinning top candle. The current respect of the 50-hour simple moving average (SMA) is uncanny and yet again, this has provided the support needed for a big move in the FTSE.
Thus a bullish outlook is re-established, with resistance levels of 6330, 6356 and 6368 worth looking out for. Should we see a close below 6288 and the 50-hour SMA, this would bring a possible warning sign that the bears are wrestling control back from the bulls.