The FTSE as you can see had a very negative week during most of the trading sessions, but as you can see bounce significantly from just below the 6100
The FTSE as you can see had a very negative week during most of the trading sessions, but as you can see bounce significantly from just below the 6100 level to form a massive hammer. Because of this, it appears that the market has found a significant amount of support in order to perhaps go higher again. When you look at the charts from the longer-term perspective, we could have possibly just made a little bit of a “double bottom”, as the FTSE could bounce as high as 6900. In order to get the correct technical signal, we would have to break the top of the 6400 level to start buying.
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.
