Still FTSE cannot break 5750 level convincingly so it is still not showing any particular direction. It is good to see that FTSE stays above 5600 level and as long as it maintains that the chances of up move is more than drop. Last day its move was better but it may take more time to completely prove its bullish pattern which is around 5900 level. Here I must say that on the average success basis it has already proved it.
In earlier weeks I said that if FTSE breaks level above 5700 then chance of triggering the bearish pattern is less. I am making some up gradation, which is, if FTSE maintains these moves in between 5450 to 5750 for more time then I will think about future drops with different angle and that may not be necessary with this bearish pattern which I talked during past few weeks. Yet 5600 is good support for it if FTSE breaks that then around 5500 will be the crucial level for it for further drops.
NOTE: Please see the disclaimer of this blog.
Due to some problem I am giving this week’s postings much earlier and in tomorrow, if I able to give stock market review then I will post there if I have to do any change on this.