FTSE - Something is "afoot", see? See what I did there? Heyo!
Notice the proportion of candles spent trying to break the trend line early on in February. Now look at the past week, hardly any candles there and they got rejected by Thor's hammer like it was a bolt of lightning. Unless we suddenly break out today with a wild swing of momentum from US markets, which I think could go either way short term, eventually we are headed down for more bearish action. On one hand, the chart has bounced from the current level of 3400 in the past couple months, however on the other hand it failed to make higher highs, hence we are testing this line for resistance now rather than support. This is overall bearish for the market and will spill over.
Good luck and hedge your bets!
