Trend(Daily/Weekly/Monthly): Up/Up/Up
Depsite the selling in US futures, #FTSE remain resilient. But as the heading says, price is overextended. A pullback before further up is healthy. I will be looking at 6495-6507 and 6583-93 these 2 zones today.
Possible scenarios:
1) Price opens in RTH, rally to 6583-93 and fail, goes down to 6495-507. Watch for reaction.
2) Price opens in RTH, dips to 6537, get supported and rally. 6583-93 can still fail but probably less likely.
Support and resistance levels are indicated on the charts. Watch reaction around the levels and trade accordingly
Depsite the selling in US futures, #FTSE remain resilient. But as the heading says, price is overextended. A pullback before further up is healthy. I will be looking at 6495-6507 and 6583-93 these 2 zones today.
Possible scenarios:
1) Price opens in RTH, rally to 6583-93 and fail, goes down to 6495-507. Watch for reaction.
2) Price opens in RTH, dips to 6537, get supported and rally. 6583-93 can still fail but probably less likely.
Support and resistance levels are indicated on the charts. Watch reaction around the levels and trade accordingly
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