Michael_Macdonald-XATSUK

UK FTSE remains heavy at current levels

TVC:UKX   UK 100 Index
The UK FTSE100 Index is finding difficulty maintaining higher levels as negative divergence unfolds on weakening momentum studies. The Tension Indicator (not shown) is also showing signs of negative divergence as it, too, turns down.

Investors are expected to continue reducing positions.

A break below the 7255.78 low of 27 March is highlighted, with the 7192.94 low of 24 February to then attract. Further slippage will open up critical support at the 7093.57 low of February.

A break beneath here would turn investor sentiment outright bearish , and confirm a more significant bear trend as the fall from the 7447 high of March gains traction.

An unexpected break above 7447 would delay lower levels, but should find difficulty clearing the 7500/11 barrier.
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