FTSE's bearish break from the rising wedge pattern amid overbought conditions suggests a technical correction to weekly 5-MA of 6530 could be seen over the next few days.
On the other hand, an hourly closing above 6743 would put bearish view at risk, although bearish invalidation is seen only if prices see a day end closing above 6743.4. In such a case, the upper end of the rising wedge could be put to test.
Historically second week of July especially in the US election year is when stock markets witness a pull back - This pattern and other seasonality aspects well explained by the guest - Alessio Rastani - on today's TipTV show - Seasonality suggests equity market pullback in July, Coal set for a rally - LeadingTrader - youtube.com/watch?v=csDyzr7ALp0