FTSE triangle

Has the FTSE broken out of the triangle to the upside?

Triangles CAN be reversal patterns as well as continuation patterns, however continuation patterns are much more common.

4 hour chart

Shows the longer term support which was broken.
The triangle with potential break (or false break to the upside)

If it's a break to the upside the triangle will be a reversal pattern (rare)
If it's a false break - should reverse fairly soon and retrace the whole move up

Interestingly normally a break below long term support - usually sees a re-test of that support - so this move up may be doing that..

Key is getting back above that support.

Anything less increases the chances that the down move has not finished.

FTSE triangle update

Looks like there was a false break out to the upside of the triangle  FTSE traded as high as 6858

That probably stopped out a lot of shorts and sucked in longs playing the break out..

That's what bear market rallies do

All reverse in the afternoon with the DOW giving back all the morning's rally ( again a Trump hot air tweet helping to push it higher)  and more..

Interesting to see the close

FTSE - short term - watch the triangle

The FTSE is an interesting market to watch in terms of technical analysis, especially with the BREXIT "news"

Lots of news  - BUT "news doesn't matter"
 One of the principles of technical analysis whether its normal bar charts or candlesticks is:
"The “what” (price action) is more important than the “why” (news, earnings, and so on)."

Short term the FTSE is forming a symmetrical triangle
This is usually a CONTINUATION pattern i.e. when it completes the preceding trend will re-assert itself  - in this case DOWN
A break above the top boundary will signal that the trend may be changing 

 Caveat:  beware of false break outs both sides; they should happen on increasing volume and usually better to wait for a confirmation with the next bar/candlestick of price action to avoid whip-saw.