BREAK-OUT?

Might be – I would say a small yes now, but tomorrow could be a big yes. In our interpretation the FTSE index delivered a break-out and pivotal point break-out last night, which usually means rebounce from the seven days free falling streak.

And the chart technically also developed a double bottom pattern which also supporting the bullish rally and sentiment in the following days. From the daily lowest point of 6.175 the UK benchmark index probably will retest the 6.415 key resistance level shortly.

After the great plunge which was closely 10% in December, the FTSE index might come back to a consolidation and gaining period and in 2-3 weeks the chart could go back to the previous prices territory around 6.750.

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The BFM Assets Team.