This week FTSE 100 followed an upward trend. I was expecting that it may show positive moves above 5400 but it is good to see that it did not drop in later days. So if it continues these moves then it may cross 5500 level (5524 is the 50% retracement level, considering the May top) in coming days. 5600 is very important resistance level for FTSE in the upside.
But if it got resistance around 5500 then it has a chance to drop (though it is still early days to refer whether it is making a pattern), in the downside important support level is 5250. If it breaks 5250 then next support level is at around 5100.
FTSE is making a long to medium term bearish pattern which can take it near around 4500 level. So considering that I think FTSE has more chance to drop in future and I will think otherwise if it breaks 5600 level in the upside.
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