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.
Click here to access the HotForex Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.