A triple bottom has formed at what looks like the bottom of the cup in a pattern.
If FTSE traders were , the drop from the 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 (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