Chart of the day

FTSE is testing again the strong resistance 7450 which is a downtrend line resistance close to a previously broken 7535 downside resistance. A confirmed break above will open the strong upside reversal and invalidate the downside.

A rejection here would lead to a reversal lower in the swing range lower bound 7250 which is also the key downside resistance level. A break above 7450 and 7350 this level is required for the complete upside reversal and an extension higher.

Long trades, you can open upon a break above 7530. This upside breakout should be used for long trades. For short trades, if you are more inclined to risk you can open here with a stop loss just above 7450.