FTSE at significant support level
The FTSE has once again pulled back, in a continuation of the consolidation that has dominated March so far. At present, the index is resting just above the 6128 level (29 January peak) and ascending trendline. As such, this is likely to be a pivotal area for the index today, where a closed hourly candle below 6100 would provide a bearish signal, with 6050, 6032 and 6000 the next support levels in view.
While a move below 6100 would provide a short-term bearish view, the 6032 level would need to be breached for expectations the weakness could continue. Alternately, should this 6100 level hold, we could see this provide a base once more for a push back to 6220 resistance.