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 .
United Kingdom
United States
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out