FTSE rallies into key resistance zone
The FTSE 100 has managed to post another leg higher this morning, following on from the recovery staged on Friday. However, we are now seeing price brought back into a crucial resistance zone which has limited 45 days’ worth of upside.
The ability to break and post an hourly or four-hourly closed candle back above 6955 would provide us with the bullish signal that recent gains are set to continue. Until that happens, the recent ascending triangle remains in play and it would be worth watching out for any intraday reversal signals for a possible move back down to trendline support.
Ultimately the ability to break above 6955 will be key to determining the state of play for the coming days.