FTSE100
FTSE showed strong hesitation at key 7291 barrier and pulled back quickly after hitting fresh marginally higher all-time high at 7294 yesterday.
Fresh strength of the pound also dragged the index lower.
Today’s extension of pullback from 7294 cracked initial support at 7246 (10SMA), signaling further easing.
Pullback marks the fourth, consolidative wave of five-wave cycle from 7024. The wave should ideally end at 7220 (length of wave two), with fifth wave capable of travelling towards 7355.
However, deeper dips cannot be ruled out, with next pivotal support at 7190 (Fibo 38.2% of 7024/7294 upleg) expected to contain and prevent stronger bearish acceleration expected on reversal signal below 7190.
Res: 7256; 7283; 7294; 7355
Sup: 7230; 7220; 7190; 7160
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Bitcoin price extends retreat from $69K as old whales shift their holdings to new whales
Bitcoin price continues to move further away from the $69,000 threshold, gaining ground as BTC bulls hope for a retest of the $73,777 peak. This is because of the general assumption that clearing this blockade would set the tone for a reach higher, marking a new all-time high.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.