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.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
