Thu, Mar 30, 2023 @ 08:03 GMT

FTSE 100 Consolidates

The FTSE 100 turns lower on fears of more rate hikes by the BoE. On the daily chart, the RSI’s overbought condition indicates overextension though there is no confirmation of a fallback yet. A bearish RSI divergence on the hourly chart shows a deceleration. 7930 is the immediate support and its beach may corroborate the observation in these time frames. Then 7870 on the 30-day SMA would be a key level to gauge the strength of follow-up interests. On the upside, a close back above 8030 would resume the uptrend.

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