Hi guys, for those who follow the chart of the FTSE 100 (footsie), here’s an update as a follow up to my last post about it (kindly see it here). By the way, the FTSE, like the Dow, is used as as a leading gauge of the UK’s economy. Anyway, I mentioned back then that the footsie, after the initial breakdown from a shoulders scare, was apparently setting up a falling wedge formation. A falling wedge pattern, in case you do not know, are considered by technicians as a bullish pattern. Now, we can see on the chart provided that this index has broken out from the mentioned formation and could now head to higher levels. In case it ascends further, the immediate resistance would be at 5,331.50. If it heads past that area, the next resistance could be 5,433.70. However, if the FTSE 100 fails to make way up north, a significant support could be the 5,000.00 psychological level. If it breaks below the 5,000.00 price mark, the next support could be the uptrend line that I drew.
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