FTSE 100 broke crucial 5600 level this week, now important thing for FTSE is to stay above 5600 level. It is getting resistance around 5700 level but as it looks like that FTSE has created a bullish pattern and if that pattern works out then it can go around 5900 level. Here I must mentioned that if FTSE breaks 6000 level then in technical term it will not act on its medium to long-term bearish pattern which I talked in past.
In the early days of the coming week if FTSE drops from here and re-test 5450 level then it has a chance of creating a bearish pattern, though it is in initial stage. I have a feeling that we may see little correction but not at 5450 level because from last few weeks it is creating higher highs and higher lows and if it continues that trend then ultimately it has more chance to test higher levels. So it is very important for FTSE to stay above 5600 level in early days of the coming week so that it can trigger the bullish pattern.
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