The FTSE pulls back to our buy zone

The FTSE pulls back to our buy zone

Key Support: 6585 – 6500
Key Resistance: 6715 – 6950

Long term view
After 95 days of trading inside of a very choppy range the FTSE broke last Friday with a mid-term bullish flag. We couldn´t catch the first impulse since the breakout occurred late on Friday.

On Sunday the FTSE opened higher and never pulled back to our buy zone, until today.

2H analysis and setup
The FTSE has pulled back to the previous 2 week highs right at the weekly pivot in confluence with the % pullback of the entire February rally.
We have been waiting all week for this pullback to retest the previous broken highs whilst detecting big hidden bullish divergence in the higher time frames.

This is a very simple high probability dip buy at a key area.

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Author : Orlando Gutierrez

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