FTSE 100's potential short-term resistance


The above chart shows hourly price action. Key resistance is potentially at the confluence of factors including the R2 pivot level, the 61.8% Fibonacci retracement level and price congestion resistance (green rectangle). The stochastic also needs to move to more seller friendly levels (green ellipse). A pullback in UK100 may provide a “sell the rally in a downtrend” opportunity.

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