FTSE trading within triangle pattern
The FTSE 100 has once more rallied into the trendline and 50-hour simple moving average resistance area. The index is clearly trading in a symmetrical triangle pattern and as such, it makes sense awaiting a breakout for a directional trade. As such, an hourly close below 6847 would point towards another leg lower.
Alternately, an hourly close above 6881 would provide a more bullish outlook, with 6900 and 6919 the next important resistance levels. Until that happens, scalpers will likely seek to trade this formation with momentum indicators such as the stochastic for help on reversals.