FTSE triangle continues to hold
Friday saw FTSE price action once again return to the bottom end of the symmetrical triangle that has been in focus over the past month. Early trading has seen the crucial 6603 resistance level hold up and this will be key to determining the state of play going forward.
A move above 6603 would bring an expectation of a move back to 6636 which is not only the next major resistance point, but also reflects the approximate middle of this triangle.
For now, I am in a wait and see mode given the low created on Friday and thus an intraday close below 6580 would likely bring a move back to the lower boundary of this triangle, whereas a break above 6603 would bring expectations of a move up towards 6636.