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FTSE freefall turns upwards, with tentative signs of recovery
The FTSE continued its rout yesterday, falling sharply throughout the whole day. However, we have seen tentative signs of a potential recovery, with the late night move lower failing to create a new low and subsequent bounce pushing up to 6000 again. The creation of a new higher low, accompanied by lower high means we were in a period of indecision as denoted by the triangle formation.
However, the move back above 6023, points towards further gains and possibly a move back towards 6200. The next resistance comes at 6070 to the upside. However, a move below 5812 would be the signal for another leg lower. For now, I expect further upside with a move back above 6070 likely to spark further gains.