During last few weeks I was emphasizing on 5800 level for Ftse and after this week’s moves it looks to me that Ftse may break that in the downside.
At past I have mentioned about multiple bearish options and now it has a chance to test around 5700 level and if it becomes true in coming week then Ftse has a chance of triggering the medium term bearish pattern if it breaks around 5650 level. In coming week if it unable to break 5900 or I would say 5850 in the early to middle days of the coming week then it has more chance to drop from 5800 levels. In the longer term perspective it is very necessary for Ftse to break around 6150 level to avoid the long-term bearish pattern.
After a big drop in early days of this week, later days were better and considering its higher lows I still think that Ftse has a chance to break 5900 levels. In my previous reviews I talked that Ftse is maintaining a trend line during last few months but during couple of days it is showing a tendency to move away from that trend line. But unless a major deviation comes, the upside momentum may remain intact but for that Ftse has to stay above 5800 level.
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