The FTSE 100 obeyed the following trend lines for the majority of the day until the US session started and we had a necktie formation(when the 20 moving average converge
s with the 50 moving average and trades above it) and broke through the wedge formation to the upside. The FTSE encountered resistance in this region yesterday and also failed to get past this level after it failed an intra day double top.
200 MA will act as support in the interim at 5258 which coincides with the gap down/opening level today.
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