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FTSE 100 – Risk Of Break Below 55SMA Footstep And Deeper Correction Remain In Play

FTSE came under pressure again after pound rallied on Thursday and slipped from double upside rejection at 7270, where recovery attempts on Wednesday / today faced strong resistance.

Daily studies weakening and gaining bearish momentum, together with growing negative sentiment, keeps the downside in focus. Temporary footstep at 7225 (daily SMA) is under pressure and sustain break here would trigger further bearish acceleration towards next set of key supports at 7184/63 (Fibo 61.8% of 7024/7444 rally / top of rising daily cloud).

Alternative scenario requires break above 7270 as minimum to ease current bearish pressure, while acceleration through daily Kijun-sen / Tenkan-sen barriers at 7309/36 respectively is needed to neutralize and shift focus higher.

Res: 7270, 7309, 7336, 7367
Sup: 7225, 7184, 7158, 7123

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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