The Index is forming an Ascending triangle on a 15min time frame. Ascending triangle breakout on the upside has a good success ratio compared to the downside. Ascending triangles can be both a continuous as well as reversal pattern depending on which site it breakout.

A shortfall was seen in the pattern but was not able to close above the neckline, which led the price to its previous level, if the index is able to close below the shortfall zone we are expecting selling coming in the index which can lead the price to the rising trendline.

RSI has shown divergence which led the price to correct. If the price is not able to sustain and the RSI trades below 43 we will get another confirmation on the sell side.

FTSE

Jan 17 2022