9 AUG 13, 11:00AM
WEEKLY TREND: DOWN ( BELOW 6550)
DAILY TREND: DOWN
The price of the UK index FTSC is near the all time high. The price has touched the all time high and correction. Price again attempted to reach the high, looks like it is failing and formed a bearish engulfing bar. This is bearish implication. The break below 6550 will confirm, the start of weekly down trend (we will have confirmation of down trend only close below 6020).
The RSI indicator below shows a divergence between the price, which tell lack of momentum in price to go higher. Be prepared for consolidation or start of down trend. The high probability say the consolidation is under way.
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