FTSE - Bull grip intact

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FTSE - Bull grip intact

Pattern on hourly chart – Rising trend intact despite falling RSI

Support – 6350, 6325 (hourly 100-MA), 6307.28

Resistance – 6427.32, 6447.34, 6487.89, 6511

  • Rising bottom on the hourly chart coupled with falling RSI warrants caution on the part of bulls, although bears have little room to make their presence felt as long as the rising trend line remains intact.
  • A rebound from rising trend line followed by a break above yesterday’s high of 6427.32 would expose a larger falling trend line hurdle seen on the daily chart around 6511 levels.
  • On the other hand, a break below rising trend line on the hourly chart, would expose support at 6307.28 levels, under which losses could be extended to 6228 levels.
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