FTSE 100 - FTSE100 Tested Again The 6611 Level - 08/04/2016 (GMT)
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FTSE 100 Chart
The FTSE100 index has been gradually moving higher the last two months and reached the one-year high at 6767 following a strong rally after the rebound on 5728 support barrier. During this week the index plummeted 1.3% and met the 6611 key support level. Today will be an important day for the index and the traders are waiting for the BoE meeting.
Technically, the price made a partial recovery and now is trading above the latter level. A failed attempt to break the 6611 barrier then the price will move on until the significant resistance zone 6767 – 6780 but it must go through the 50-SMA and 100-SMA on the 4-hour chart. On the other hand, a successful penetration of the 6611 support level will open the way for the 6427 obstacle. On the 4-hour chart, technical indicators (MACD and RSI) are following a negative territory while the RSI indicator is sloping upwards and the MACD oscillator had a bullish crossover with its trigger line.
Technically, the price made a partial recovery and now is trading above the latter level. A failed attempt to break the 6611 barrier then the price will move on until the significant resistance zone 6767 – 6780 but it must go through the 50-SMA and 100-SMA on the 4-hour chart. On the other hand, a successful penetration of the 6611 support level will open the way for the 6427 obstacle. On the 4-hour chart, technical indicators (MACD and RSI) are following a negative territory while the RSI indicator is sloping upwards and the MACD oscillator had a bullish crossover with its trigger line.
This member did not declare if he had a position on this financial instrument or a related financial instrument.
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