FTSE breaking below key support level
The FTSE is breaking below the crucial 6809 support level this morning, bringing with it a more bearish outlook for the benchmark. With this level having held up on a number of occasions, an hourly close below 6809 brings significant bearish connotations. That being said, this comes as a countertrend move and while we are likely to see further downside, this could simply be a wider retracement rather than a longer-term market top.
However, for now an hourly close below 6809 would bring in a bearish view, with 6782 and 6754 the next key support levels. The FTSE is suffering the most of the indices, which is clearly down to commodity price weakness. As such, it pays to be aware of where the likes of crude are going too.