andrew.berg

FTSE100 sitting on major resistance

INDEX:FTSE   None
FTSE reached major level of resistance after Reversal Candle, then it regained moving averages and borke bear channel . That attracted many active buyers and we had nice follow through into major resistance 6875-94 that is in tact since May 2013. On Friday, it closed with doji , holding near top. At this point I think we need some kinf of rest or sideways action (upper-level base or flag) before it will break up to new highs. I am watching for tactical short and will use my 8/21 EMAs to measure strength of this recent move. The higher it will hold the higher is probability that it will continue going up.

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