It was quite expected that FTSE 100 will get resistance around 5600 level. Few weeks ago 5600 level was looking very far but now it may again try to break that level provided FTSE stays above 5500 level in early to middle days of the coming week. Considering its May top FTSE gives near about 66.77% retracment, which is close to Dow. Though technical indicators are in over-bought condition but it has the option to go more in the upside but frankly speaking 5600 level may not be too easy.
But if it breaks 5500 level in the downside 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 5400. If it breaks 5400 then next support level is at around 5250.
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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