FTSE Technical Analysis: Testing the Breakout
On Tuesday, the FTSE broke out of a multi-month range and is now testing the once resistance level at the top of the range. How things unfold here will be important, as either the test is successful and the FTSE trades higher, or it fails and the market declines back into the range.
A breakdown below 7180 would have the FTSE clearly back inside the range dating to June and beneath the shorter-term range that developed last week into this one. If, however, the test is successful, then the next point of resistance to watch on strength is the 2018 trend-line up near 7400.
For the full set of details, please see the video above…
FTSE Daily Chart
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.