I was expecting that FTSE may test higher levels considering the flat movements and technical indicators but it followed the overall trend. In coming days if it drops from this level then 5700 will be its initial support and next one is at around 5600 level. If it drops more then I will think about a bearish pattern if FTSE breaks 5500 level but that may not be necessary in coming week.
Last two days were not showing any specific trend for FTSE and technical indicators are showing more oversold position so I am still expecting reversal in the upside and we may get a signal of that in early days. But I am not sure that whether it is going to break 5900 level in coming week.
FTSE is making a long-term bearish pattern which it can trigger below 5000 level but this type of pattern is difficult to trigger. On the other hand higher lows which it made in last 1 year, says that FTSE will be testing upside in coming future.
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