The FTSE as you can see fell during most of the session on Monday, but bounced off of the 6300 level in order to form a hammer. This hammer sits just
The FTSE as you can see fell during most of the session on Monday, but bounced off of the 6300 level in order to form a hammer. This hammer sits just below the 6400 level, and a move above that level would in fact be very positive as far as we can see, simply because it would be a reentry into the consolidation area that we had been in previously. On the other hand, if we break down below the 6300 level, we think that would be a very negative sign as we should then head to 6000.
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.
