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FTSE 100, H4

On the 4-hour chart above the level of 6837.2, there is a Long-Legged Doji candlestick analysis pattern, signaling uncertainty in the market; however, an Inverted Hammer pattern formed next, which indicates a likely price reversal. In addition, a Bullish Engulfing reversal pattern appeared above the support level of 6776.7, which included another Inverted Hammer pattern. In the current situation, it seems possible that the price will reverse from the key support level of 6776.7 and the quotes will recover to the level of 7004.9, overcoming which will allow the upward trend to continue to the area of 7265.9–7554.8. An alternative scenario is possible if the "bears" overcome the support level of 6776.7; then the price may continue to decline to the levels of 6600.6–6424.9.

FTSE 100, D1

On the daily chart, at the key support level of 6776.7, there is the formation of Morning Star and Engulfing "bullish" reversal patterns, the combination of which indicates an increase in buying activity. After the price reversed and reached the resistance level of 7004.9, the quotes returned back to the level of 6776.7, but now another Inverted Hammer reversal pattern is being formed at this level again, which emphasizes the determination of the "bulls" to seize the initiative. In this situation, it seems likely that the price will reverse from the support level of 6776.7 and develop the uptrend to the resistance level of 7004.9, overcoming which will allow the instrument to strengthen to the levels of 7265.9–7554.8.

Support levels: 6776.7, 6600.6, 6424.9. | Resistance levels: 7004.9, 7265.9, 7554.8.