FTSE 100 – With Trend Pin Bar
For the last 4 days, the FTSE 100 has consolidated near the swing highs circa 6825. Today the major index formed a with trend pin bar, which is the second downside rejection/wick in a row from the bulls. This all hints at buyers are wanting to step in intra-day and push towards the yearly highs at 6890.
Watch for a break of 6825 near term. If it manifests, then consider a breakout pullback setup at the role reversal level (6825) targeting just shy of the yearly highs. If we see a move below 6775, then we’ll likely see further unwinding towards 6700 before buyers come back in.
