Michael_Macdonald-XATSUK

UK FTSE100 gains to prove difficult to sustain

TVC:UKX   FTSE 100
The UK FTSE100 Index is extending the bounce from the 7093.57 low of 2 February.

Rising daily studies suggest further short-term gains, but falling weekly stochastics and a weakening Tension Indicator (not shown) suggest any immediate tests of critical resistance at the 7354.15 high of January should be treated with caution.

In the coming weeks, risk/reward points to a corrective pullback, with a close below 7093.57 opening up the 7016.50, (50%) Fibonacci retracement of the December-January rally and congestion around 7000.

A further break would turn investors neutral once again, as deeper reactions target the 6936.75, (61.8%) Fibonacci retracement . An unexpected close above 7354.15 is needed to negate downside tests, and confirm continuation of the broad 2016 rally towards the 7395 Fibonacci projection .
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