FTSE 100 continues to improve on an absolute and relative basis. With a bullish “triangle” continuation pattern in place, economists at Credit Suisse stay bullish for 7092 initially – the 78.6% retracement of the Q1 2020 collapse – and eventually the “measured triangle objective” at 7360.
FTSE 100 maintains its “triangle” continuation pattern
“FTSE 100 strength has stalled as expected just ahead of the 78.6% retracement of the Q1 2020 collapse at 7092.”
“With a bullish ‘triangle’ pattern still seen in place though we look for support at 6860/50 to ideally hold pullbacks for an eventual break above 7092 in due course, with the “measured triangle objective” remaining at 7360.”
“Below 6860/50 would warn of a near-term top and deeper corrective setback towards the 63-day average at 6754.”
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