Michael_Macdonald-XATSUK

UK FTSE coming under profit-taking pressure

TVC:UKX   UK 100 Index
FTSE has failed to maintain the test of the 7340, (150%) projection of the October-November fall, with prices falling sharply from 7354.15. A corrective bounce is currently developing from above the 7130~ high of October 2016, but falling stochastics and weakening investor sentiment are expected to limit upside tests.

In the coming weeks, further losses are looked for, as profit-taking pressure increases, with a break below 7130~ targeting the 7095, (38.2%) retracement of the October-January rally. Still lower is congestion around 7000.

An unexpected close above the 7354.15 high of 16 January is needed to negate downside tests, and confirm continuation of the broad 2016 rally towards the 7395 projection.
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