UK100 off the Monthly Pivot

UK100 off the Monthly Pivot

Key Support: 6560 – 6495
Key Resistance: 6710 – 6800 – 6900

Long Term View
The FTSE opened and dip to retest the previous key level, monthly pivot and bullish structure.  This rejection is key to our long idea.

4H Analysis
The previous key level around the 6570 was the level capping the upside in the FTSE for the better part of February right before buyers took price on a 3.4% bullish move.
Price has pulled back 61.8% of that bullish move and has rejected a mayor confluence zone inside the current bullish structure. The probability of a bullish continuation are high if price break with the reversal pattern (wedge) and keeps trading above our zone.

This is a long term trade.

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Author : Orlando Gutierrez

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