FTSE got support around 5700 and now 5800 is important resistance for it. For any bullish movements it needs to stay above 5800 level. Last day’s move was not very pleasant so it may again try 5800 level in early days of the coming week.
Technical indicators are showing over-sold position but in spite of that if it drops from 5700 level or failed to cross 5800 level then next support 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.
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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