Wednesday, September 30, 2015

Bearish channel on the FTSE100

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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