FTSE 100 is due to breakdown this week in my opinion. First line of support sits around 5950. Should this break the next level of support sits much lower around 5543.
Bullish hammer off the trend line though...good sign of a bounce.
As poster below says, UK economy is opening up and we are some weeks behind a second wave like other countries.
Also talk of no-deal brexit will boost the ftse100 (but harm gbp...)
BH42
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@philw44, Potentially. It doesn't really matter what the UK does though, it will track whatever the S&P does. If S&P goes down we will follow regardless. Better watching the S&P.
virtualtechie11
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@BH42, what is the reason for it tracking s&P? also if you are playing US markers (especially shorting) , what platform do you usE?
HaryShivy
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Dont you think it might bounce back of the trend line? I fell it might go either way. Specially this week most lockdown are getting lifted in the UK might have a positive impact, thats just my bias.
What are your thoughts behind that it might breakdown? Are you purely working that out from retracement levels?
virtualtechie11
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@hshivaraj,
it is printing a symmetric triangle, so i agree with you, it could go either way, it seems chances of it going lower are higher, only though i have is, ftse is not as extended as some of the other indices,