The UK stock market has been in a downtrend for some time, along with other global equities (with the exception of the US)
After a bullish divergence on the weekly chart, price moved back to value where it appears to be stalling. The impulse is already red, however a weekly close below 6400 would boost my confidence.
On the daily chart, there isn't much to talk about. A false breakout above the previous swing high, with a histogram divergence (which I wouldn't have taken into consideration if it wasn't for the weekly chart) and a small H&S formation. The impulse is red.
Look for 5500 to get tested
After a bullish divergence on the weekly chart, price moved back to value where it appears to be stalling. The impulse is already red, however a weekly close below 6400 would boost my confidence.
On the daily chart, there isn't much to talk about. A false breakout above the previous swing high, with a histogram divergence (which I wouldn't have taken into consideration if it wasn't for the weekly chart) and a small H&S formation. The impulse is red.
Look for 5500 to get tested