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UK100 Down by 0.6%

Market Analysis

UK100,H1

A push above the hourly consolidation area in UK100, triggered a Long Position earlier at 7547.5. The UK100 down to 7537  from 7589 for the day, with a stronger Pound adding to pressure on the narrower U.K. index that is dominated by multinationals. However the weakness of the index seems to running out of steam, since the last hour moved above 7550, which could be considered as the  hourly resistance level. Signifiacnt is the fact that MACD remains positive despite today’s weakness, while short timeframe Stochastic indicator start moving up , after reaching the oversold area earlier. The UK100 remains in the lower Bollinger Bands pattern and below 50-period EMA.

Targets are set at 7569.00 and 7584.00, with supports at 7518.00 (200-period EMA) and 7498.00 repsectively. In higher timframe, the index is still in an uptrend hence any weakness could be consider as a possible buying  opportunity.

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Andria Pichidi

Market Analyst

HotForex

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