FTSE pulls back from historical range top
The FTSE rally hit the buffers yesterday as the index reached the crucial 6237 level (March peak) which previously marked the top of a month-long range. This does not mean we will be back trading in this range once more, yet it does mean we will need a breakout above this level to set us on our way towards further gains.
For now, we have got a clear short-term trendline support in play. This should hold given the bullish price action leading into the current formation. However, an hourly close below 6142 would provide a more bearish view. Until that happens, a bullish outlook is in play, with 6200 and 6237 the next levels of resistance to watch out for.