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FTSE back at range top
The index did see a break-lower from the top end of its 6200-6220 range overnight, albeit after a brief foray above the zone. This highlights the importance of awaiting closed candles to signal a breakout.
However, we have seen another solid start to European trading today, with the index heading north towards the top of the range once more. Until we see an hourly close above the top of the range, prices around this area will be perceived as toppy and will therefore be holding a bearish view.
This is coming through now as the index is beginning to turn lower. Support levels of note are at 6169, 6163 and 6140. Resistance levels to watch are 6220 and 6230.