FTSE 100 bulls gained huge momentum in the global market after an optimistic statement from the U.S president. Trump stated, no US. Soldiers were harmed by the Iran attack. The Footsie secured the high at 7675.59. The bullish gain was short-lived and the price dropped towards the critical support level at 7525.73. The FTSE 100 is now trading at the triangle pattern and we might experience a big movement after the major breakout. Clearing above the critical resistance level at 7675.59, might push the price towards the 7725.89. Breaking above this level might be very hard for the bulls due to plenty of resistive candles.
On the downside, the price needs to break the triangle support at 7536.15. Clearing the support at 7536.15 might push the price down towards the next support at 7427.71. This level is going to provide significant buying power to the FTSE 100 bulls. Regaining the bullish control might push the Footsie north. On the contrary, failing to gain bullish control might result in a strong drop in the price. The ultimate target for the FTSE 100 bears might be 7132.28, low of 5th December 2019. Breaking below this level might change the overall trend. Considering all the issues, it’s better to wait for a clear breakout.Download our latest quarterly market outlookfor our longer-term trade ideas.
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