FTSE buyers relentless at the 6680 level (UK100)

FTSE buyers relentless at the 6680 level (UK100)

The footsie is still holding the previous highs as support around the 6680-6700 level in confluence with the 50% retracement of the last leg up and the 1.618 retracement of the first leg down from the highs.

Very thick level whilst trading inside an immediate bearish structure that, in the higher time frames could be just a bull flag on a pullback should the previous highs break.

Hidden bullish divergence detected on the retest of the long term bullish structure (blue). If the previous highs break we could see buyers jumping in to retest the previous lows around the 6850 level (also short term bullish targets) with the possibility of a retest of the highs of the structure (6970)

Validation level: 6752
Invalidation level : 6675

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Author : Orlando Gutierrez

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