FTSE: Are the bulls back in town?
The FTSE had a strong session on Monday gaining about 1.5% on the day. At 6519 at the time of writing, the market looks comfortable above the key support level at 6500 with the bulls retaining the upper hand. We expect to see some consolidation at this point between 6300 and 6550 and unless the market beaks below 6300, there is no reason for the bulls to worry. A daily close above Monday’s candle at 6550 would confirm the bullish bias and open the way for the next key resistance area at 6690. In the alternative scenario, a consistent break below 6300 would open the door to 6180.
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