Hey guys, I got you here the chart of the FTSE 100 Index. In case you do not know, the FTSE 100 consists of the 100 most highly capitalized UK companies listed on the London Stock Exchange (LSE). This is also considered as the London Stock Exchange’s main index. Anyway, its chart is very similar to the charts of the US stock indices as there is also a breakdown from the head and shoulders formation (indicated by the red circle). In addition to that, their values move in almost the same direction daily. As the head and shoulders breakdown occurred recently, the FTSE 100 could now be on its way to the 4,675.70 support. Once a further slippage takes place, the next support could be 4,520.80. On the upside, the current resistance I’m looking into is the 5,000.00 psychological level. If that psychological level gets cleared out, the next resistance could be 5,331.50.
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