Key Support: 6660
Key Resistance: 6733 – 6760
The FTSE has been in an up move for the past 3 weeks rallying 5.40% from low to highs. From the highs of last week it has fallen -2.46% from high to low rejecting several times the 6660 level in the process.
This down move has been very structured in the sense that price has dipped inside of a falling wedge; a very strong continuation pattern when it ends in a strong level(like in this case) and it breaks after the 5th wave inside (like in this case). Heavy bullish divergence is detected here.
We really need to pay attention to the weekly pivot since it aligns perfectly with a big key level
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