The FTSE 100 has broken out decisively out of a newly formed symmetrical triangle. The breakout occurred on January 31, 2019. As you can see from the pattern above.
It now needs to stay above the upper trendline as well as the middle Bollinger Band. It probably will in my humble opinion. However, if it breaks down below the upper trendline and the middle Bollinger Band, the bulls will have a problem going further upwards.
If the upper trendline and the middle Bollinger Band can serve as support, then the next target will be around 7145.5 hopefully.
I will come back after these two possible scenarios have played out. that is: The Bulls versus The Bears. I sold my short position and went long today.
Please, use at your own risk.
It now needs to stay above the upper trendline as well as the middle Bollinger Band. It probably will in my humble opinion. However, if it breaks down below the upper trendline and the middle Bollinger Band, the bulls will have a problem going further upwards.
If the upper trendline and the middle Bollinger Band can serve as support, then the next target will be around 7145.5 hopefully.
I will come back after these two possible scenarios have played out. that is: The Bulls versus The Bears. I sold my short position and went long today.
Please, use at your own risk.
Comment:
The FTSE 100 exceeded the given target of 7145.5 on Feb 05, 2019. On that day it closed at 7173.7 with price above the middle Bollinger Band. The next level of resistance is now 7186.3. Let us wait and see whether the resistance will hold or give way.