FTSE approaches all time high at 7291; extended wave C could travel to 7365
|FTSE100
FTSE has completed 7283/7227 correction, as strong recovery from 7227 (21 Feb trough) extends for the second day and approaches key barrier at 7291 (16 Jan record high).
Rising 10SMA that contained correction, continues to underpin the action (currently at 7245), with regain of 7291 target to confirm full retracement of larger 7291/7024 (16 Jan / 02 Feb) corrective pullback and signal fresh upside.
Extended wave C (from 7077 trough) of five-wave cycle from 7024 (02 Feb correction bottom) could extend towards its Fibonacci expansion levels of 161.8%, 176.4% and 200% at 7310; 7331 and 7365 respectively.
Session low offers initial support at 7260, with rising 10SMA expected to contain extended dips.
Res: 7291; 7310; 7331; 7365
Sup: 7260; 7245; 7227; 7213
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.