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FTSE bounce hits Fibonacci resistance

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FTSE bounce hits Fibonacci resistance

Yesterday’s FTSE rebound failed to muster much more than a whimper, with a shallow retracement to the 38.2% Fibonacci level (6210) leading to further losses. The key to another leg lower is a closed hourly candle below yesterday’s low of 6158.5, which would look towards 6107 and 6060 which are hugely important support levels. Alternately, a more bullish view would only come about through a closed hourly candle above 6210. This would look towards 6237 as the next resistance. However, the bearish trend remains the preferred option for the short term.

Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.