The FTSE initially tried to rally during the course of the session on Monday, but found the area above 6350 to be far too resistive to continue going
The FTSE initially tried to rally during the course of the session on Monday, but found the area above 6350 to be far too resistive to continue going higher. Because of this, we fell and tested the 6300 level. That level is the beginning of pretty significant support, which we feel extends down to the 6250 handle. We are simply waiting to see whether or not we get some type of supportive candle in order to start buying again, as is market had recently broken out and now looks to be well supported just below.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
