Weekly price for Financial Times Stock Exchange Index (FTSE 100) is on bullish market condition for ranging between 7072 resistance level located above Ichimoku cloud in bullish area of the chart, and 6371 support level located below Ichimoku area in bearish zone. The price is trying to break symmetric triangle pattern with yearly Central Pivot at 6474 and R1 Pivot at 6909.
- Chinkou Span line crossed the price few times on both directions indicating the ranging market condition to be continuing.
- 'Reversal' Senkou Span A line (which is the virtual border between the primary bullish and the primary bearish on the chart) is located below and near the price which makes bearish reversal to be very possible in the near future.
- The nearest support levels are Central Pivot at 6474 and 6371.
- The nearest resistance level are R1 Pivot at 6909 and 7072.
- Absolute Strength indicator is estimating the secondary ranging.
- Pivot Points (yearly PP on weekly chart): the price is ranging between yearly Central Pivot at 6474 and R1 Pivot at 6909.
| Instrument | S1 Pivot | Yearly PP | R1 Pivot |
|---|---|---|---|
| FTSE |
6045 |
6474 | 6909 |
If W1 price will break Central Pivot at 6474 on close W1 bar so we may see the reversal of the price movement to the primary bearish market condition with secondary ranging.
If W1 price will break support level at 6371 on close W1 bar so the bearish market condition will be continuing without secondary ranging.
If W1 price will break R1 Pivot at 6909 on close W1 bar so the bullish trend will be continuing with secondary ranging.
If W1 price will break resistance
level at 7072 on close W1 bar so we may see the bullish breakout of the price movement.
Trend:
