Michael_Macdonald-XATSUK

UK FTSE100 expected to find difficulty sustaining higher levels

TVC:UKX   UK 100 Index
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The UK FTSE100 Index is finding difficulty maintaining the bounce from the 7093.57 low of 2 February.

Prices are falling back from the 7329.56 high of 20 February, as short-term studies turn bearish and the Tension Indicator (not shown) continues to weaken. A pullback towards 7093.57 is looked for, whilst a close beneath here will signal a deeper reaction, as investors move to a neutral stance.

Subsequent focus will turn to the 7016~ Fibonacci retracement and congestion around 7000.

An unexpected close above 7354.15 is needed to negate downside tests, and confirm continuation of the broad 2016 rally towards the 7395, (161.8%) Fibonacci projection of the October-November fall.
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