FTSE (5625) Intermediate trend: Bearish
FTSE has ended the corrective up move at 6377 and started a fresh downtrend. However, after achieving 5470 it has witnessed a sharp rebound at current level.
I suspect this recovery is a part of overall bearish structure and not a fresh up move. The rise beyond 5690-5710 area looks doubtful. If failed to surpass these levels, possibility of retesting of Jan 08 low of 5338 is bright.
July 1, 2008
FTSE...retest of Jan low....?
FTSE (5625) Intermediate trend: Bearish
FTSE has ended the corrective up move at 6377 and started a fresh downtrend. However, after achieving 5470 it has witnessed a sharp rebound at current level.
I suspect this recovery is a part of overall bearish structure and not a fresh up move. The rise beyond 5690-5710 area looks doubtful. If failed to surpass these levels, possibility of retesting of Jan 08 low of 5338 is bright.
