FTSE 100 was more or less flat during last few weeks, it has formed a bullish pattern but it is not reacting on it. If that bullish pattern works out completely then it can go around 5900 levels. Last day was not good for FTSE, as it is getting strong resistance around 5700 level so it needs to stay above 5650-5680 level in early days of the coming week to react on that pattern. 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.
At past I talked about 5600 level 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 early stage. During 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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