FTSE 100 recently reversed down after it approached the buy target 6850.00 that was set in our previous report for this index. FTSE 100 earlier reversed sharply up with the Japanese candlestick reversal pattern the Hammer from 6800.00 (which is the lower border of the resistance zone which has been reversing the index down from last October, as you can see below).
The subsequent upward price impulse reversed down from 6850.00 (upper border of the aforementioned resistance zone). If FTSE 100 breaks above 6850.00 – it can rise to the next buy target at 6900.00. Alternatively, FTSE 100 is likely to correct down to 6700.00.
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