FTSE 100 broke a major downtrend lend to the upside on January 30th 2019 and has continued to push higher. With Brexit looming over, it is a volatile time for the UK and Eurozone participants.
The recent fib extension indicates that the FTSE 100's move higher could continue to the 127.2% level, 7311, which can make further headway back to a full 100% retracement 7552, which coincides with the extensions 161.8% level. If the FTSE 100 continues, this near term price targets look likely.
However, it is possible to retrace lower and reverse its recent gains and breakout of the downtrend with potential price levels of 7165 and 6923. We will be watching the 6923 levels closely if the downside scenario plays out.
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.
The recent fib extension indicates that the FTSE 100's move higher could continue to the 127.2% level, 7311, which can make further headway back to a full 100% retracement 7552, which coincides with the extensions 161.8% level. If the FTSE 100 continues, this near term price targets look likely.
However, it is possible to retrace lower and reverse its recent gains and breakout of the downtrend with potential price levels of 7165 and 6923. We will be watching the 6923 levels closely if the downside scenario plays out.
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.