The FTSE 100 posted its best weekly gain in a year last week, up 5.1%. Stripping out lots of noise, it can be seen on this 50x3 high/low chart that the Index has now got back in to an area where it has faced significant resistance so far this year.
The pattern has quite a nice 'symmetary' to it but for that to continue, we need to see the index reverse lower, and quickly. Any move above the levels of previous resistance and through 6,150 would have to be seen as a win to the bulls and we'd have to look at potential targets to the upside.
Even a hold at todays level would re-establish the blue bullish support line (as at 6,000, that top 'X' has pushed above the red bearish resistance line.