Technical Analysis

FTSE Chart Evaluation – Buying and selling at Confluence of Resistance

FTSE Technical Highlights:

FTSE rally has confluent resistance in play

Break above to result in higher-high, subsequent ranges of resistance

Get your forecasts right this moment for the FTSE and Pound proper right here on the DailyFX Buying and selling Guides web page.

FTSE rally has confluent resistance in play

This week we’ve seen a strong thrust increased within the FTSE, which has it pitted up towards a trend-line from August and up to date highs across the 7k-mark. It’s been uneven however a robust push above resistance may get the index transferring in the direction of the subsequent degree of resistance within the neighborhood of 7150/200.

A rally past 7200 would take off the desk the notion of a corrective wedge persevering with to develop because the December low, which continues to be the danger posed to the index because the pattern stays firmly down since peaking in Might. A corrective wedge would take some extra time to fill out, maybe a number of weeks, earlier than asserting itself as a robust risk.

A drop from right here can have underside trend-line help serving to preserve a potential decrease excessive intact, and with weak spot may come extra of the identical uneven value conduct the FTSE is usually identified for. For proper now, leaning in the direction of respecting resistance for what it’s – resistance and see how the market needs to reply to it earlier than drawing any additional conclusions.

Try this information for four concepts on learn how to Construct Confidence in Buying and selling.

FTSE Day by day Chart (Resistance, potential corrective wedge)

FTSE daily chart, resistance, possible corrective wedge

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—Written by Paul Robinson, Market Analyst

You may comply with Paul on Twitter at @PaulRobinsonFX

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