Last week I was saying about bearish view on Ftse but it has tried hard to move away from that in this week. Now it is again trying to test upside and there is a chance of breaking 5900 level if Ftse maintains its moves above around 5830 in early days of the coming week. Here I must say that Ftse has created a complex medium term bullish pattern which indicates that it may try above 6200 level in coming future but I am not too much sure about that.
On the other hand the medium-term bearish pattern which I talked in past weeks is still on for Ftse and it will be stronger if in coming week Ftse fails to break 5900 level, I would like to talk more on this issue if Ftse breaks 5700 level. Last week I was talking about the difference of Ftse with its peers but after this week’s move now it looks quite similar with other stock indexes as Ftse is also showing chances of both short-term and medium-term options in the downside.
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