The market is a market that you cannot bypass anytime soon because not only do you have the 50 day EMA and the potential extended trendline, but you also have the 6800 level which was so resistant recently.
The FTSE 100 initially pulled back a bit during Thursday’s trading session, but then turned to show signs of strength. The market then rose higher to close the gap from the previous session, and now it looks like the market is poised to go higher. The market will likely turn to the 7200 level which is a large round number and psychologically significant and it should also be noted that this is the âmeasured movementâ of the ascending triangle that I have drawn on the chart.
Beyond all that, the 50-day EMA held up quite well, and so it’s likely that the ascending triangle’s support line could expand further, and you can completely ignore that triangle and just play it as a trend line set. Either way, however you look at this market, the trend is up and it sure looks like there is significant support below.. The market is a market that you can’t bypass anytime soon, because not only do you have the 50-day EMA and the potential extended trendline, but you also have the 6800 level which was so resistant recently, so we might think there should be some amount of support out there.
Ultimately, if we fell below the 6800 level, it could change a lot of things and cause this market to drop towards the 200-day EMA, but I don’t see that to be the most likely scenario at this time. , because we have seen it. much in the way of global strength when it comes to global actions. Remember that the correlation between assets and group thinking is something you need to pay special attention to as the FTSE 100 is going to evolve based on the idea of ââthe reopening situation on a global scale. , not just in Britain. Yes, the UK economy is getting ready to reopen in a pretty significant way so this is something people will be looking to play on, but on top of that we also have central banks around the world pumping liquidity in all directions. possible. just buy stocks in general. The FTSE 100 is of course no different so I expect buyers to continue to enter this market at every dip.