FTSE 100 was flat this week as such it is getting good support at 5600 level. Since there is not much change in FTSE so most of my predictions in last week are still applicable on it. As I said in last week 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. 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.
Though I am talking about 5600 but considering its recent reversals, 5580 (50% retracement from 25th June low) can be a good support for it. But if FTSE breaks these and re-test around 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.
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