The FTSE100
index of the United Kingdom has retraced to the upside today, but we can see
that it is actually inside a bearish channel. From the current level the index
may try to go back down and visit the lower trendline of the channel as we can
see on the daily chart. To the downside there are two levels that could act as
support, the first one is the 5846 and the second one is the 5760. However, if
the index breaks to the upside, then it could try to go and visit the high at
the 6267 level where we can also see the 55 day exponential moving average
(purple line), which could act as resistance.
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It might break to the upside the bearish channel because of the strong upward GAP.
ReplyDeleteThank you for the analysis.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteGood analysis, will keep in mind!
ReplyDeleteGreat analysis!
ReplyDeleteI agree with your analysis.
ReplyDeleteGood point I agree with your analysis.
ReplyDeleteGood point.
ReplyDelete