- Analytics
- Market analysis
- Technical Analysis
- Footsie Forms Triangle Pattern
Footsie Forms Triangle Pattern
The FTSE 100 index was trading down on Wednesday and was
seen 1.20% weaker during the London session, hovering at 6,940 GBP.
The index seems to be forming a triangle pattern and bears
have pushed the price to the lower line of this triangle, which is currently
being tested and is located at 6,945 GBP. If this support is taken out, the
bearish trend could be confirmed, targeting the current swing lows near 6,850 GBP.
On the upside, the resistance of this pattern is near 7,050
GBP and if broken, the price might jump toward previous highs of 7,180 GBP.
However, sentiment appears negative for the Footsie index
and therefore bears could be stronger over the next days. The bullish trend
line on the RSI indicator is holding for now, but if broken as well, it might
be a confirmation of the bearish bias.
Other European indices were trading in a positive territory,
such as US futures and therefore the FTSE index was underperforming on Thursday.
Disclaimer:
Analysis
and opinions provided herein are intended solely for informational and
educational purposes and don't represent a recommendation or an investment
advice by TeleTrade. Indiscriminate reliance on illustrative or informational
materials may lead to losses.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
