In a long choppy correction has been underway from the coronavirus bottom. Look at how slowly, how weak the upside pressure. There is countless overlapping tops and bottoms. This is the way how looks a corrective rising. The fear of missing out heats the rise.
The possibility of breaking upward from this rising channel is minimal in my opinion. So the English stock market is very near the resistance zone represented by the upper line of the channel and the .618 Fibonacci level.
I am waiting for a bearish reversal movement than after falling out of the channel and it could go to a new low. We will see, but it seems everything will be decided around the channel lines.
The possibility of breaking upward from this rising channel is minimal in my opinion. So the English stock market is very near the resistance zone represented by the upper line of the channel and the .618 Fibonacci level.
I am waiting for a bearish reversal movement than after falling out of the channel and it could go to a new low. We will see, but it seems everything will be decided around the channel lines.
