FTSE pulled back after posting new record high; solid supports at 7220 and 7190 expected to contain

Slobodan Drvenica Windsor Brokers

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

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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