The FTSE as you can see initially tried to rally during the course of the session on Monday, but ran into a significant amount of resistance at the 6450
The FTSE as you can see initially tried to rally during the course of the session on Monday, but ran into a significant amount of resistance at the 6450 level. That being the case, we fell in order to form a shooting star and that of course does suggest that the market is going to fall from here. However, we see the 6300 level below as being somewhat supportive so we are bit hesitant to start selling at the moment. This is especially true considering that just two sessions ago we formed a massive hammer. That being the case, the market looks choppy and as a result we are on the sidelines.
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.
