FTSE index update

• Tested the trendline and is bouncing
  Technical picture remains bearish
  
  

Before retraced to 21535 the index was spotted with a bearish H&S pattern. The shoulders are spread between 22930 and 22946, indicating a near-term resistance zone established quietly. On the medium-term basis, supply zone remains between 23230 and 22946. By taking the H&S pattern into consideration selling on rise favors the near-term trend.

If we move to a higher time frame, on the weekly chart the index was capped with multiple tops spread between 24143-24260 levels.

August 11, 2017, low is the key support to bulls, fails to hold could open to the final journey to 20800 it’s corrective A-B-C pattern target.http://www.keytomarkets.com/blog/newsletters/ktm-eq-market-update-ita-40-index-snapshot/