By Admiral Markets
The FTSE100 is showing double bullish confluence close to D L3, and D L4 supports. We can spot the W pattern that is also the head of a bigger – inverted head and shoulders pattern. 7710 zone could spike the price to the upside and continuation of bullish move should happen if the price breaks inverted SHS double top – 7748. Targets are 7755, 7764 and possibly 7771. Only a 4h close or h1 momentum below W L3 7699 might negate bullish scenario. In that case look for a retest of 7683.
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
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M L4 – Monthly H4 Camarilla (Monthly Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: FTSE100 Double Bullish Confluence
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
