pasojov

FTSE100 - Triple bottom formed

Long
OANDA:UK100GBP   UK 100
Following on from my previous idea, the FTSE has continued to show strength at this level of support.

A triple bottom has formed at what looks like the bottom of the cup in a cup and handle pattern.

If FTSE traders were bearish , the drop from the rising wedge would've been steeper. The news around the vaccine spat with the EU would've also likely caused a steepeer slide. However, because the bad news has been absorbed, we can assume traders are bullish (for now).

I think the only thing stopping the FTSE from moving up is the current fears around lockdown on the continent. Technically speaking, I like how the chart looks. Bulls seem to be defending the 6700 level well. Fundamentally, the fears over lockdowns worries me about this setup, but I'm still confident it will play out.

See chart for entries and exits

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