The FTSE 100 initially tried to rally during the week but found enough resistance above the 7400 level to continue to be very volatile to say the least.
The FTSE 100 initially tried to rally during the week but found enough resistance above the 7400 level to continue to be very volatile to say the least. The resulting weekly candle was a bit of a shooting star, so that’s a very negative sign. I believe that the market will eventually have to make a decision, but if we break down below the 7300 level, this market could go much lower. Alternately though, if we can break above the top of the weekly candle that is a very bullish sign and it should send this market much higher.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
