AvaTrade - Analytics

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FTSE 100 – formed a symmetrical triangle formed

The FTSE 100 is trading above its upward trend line on a 4 hour time frame. However, we also have a strong pattern forming for the index which is the symmetrical triangle pattern. These patterns are ranked towards the bottom side due to their unpredictable behaviour and not fully completing their projections. As the price is trading below the 50 and 100 day moving averages, shown in yellow and red colour, this confirms that the trend is towards the downside and the probabilities are higher that it will break towards the downside.

The momentum indicators, the RSI and the MACD are also trading in line with the price action which means that while the price is trading towards the downside, the indicators are also confirming the move.

Screen Shot 2015-06-04 at 09.03.58

Important zones
6736- 6775 Support
7082- 7059 Resistance



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