Chart of the day

FTSE is esting the consolidation support 7300 level. A bounce here is required for a reversal upside and a test of the consolidation resistance 7610 followed by 7750. A breakout below this level could lead to a downside reversal and a test of the next 7150 support.

I see this still as a pullback in the fourth wave before a continuation higher in the fifth wave. We need to see a clear confirmed break above 7600 in the coming days and weeks to support this count higher. Invalidation will come only upon a confirmed break below 7180.

Long trades could be opened here or upon a break above 7600. Short trades should be opened in the case of a confirmed break below 7180. This is a key resistance/support level so use small sizes and close stop loss.