Technical Analysis of the Financial Markets

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FTSE 100 (UKX) – Technical Analysis – Price rejected at upper trendline.

FTSE 100 (UKX) – Technical Analysis – Price rejected at upper trendline.

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The FTSE today sold off from the bounce of the trend line and the record high of 7529. This area of resistance was established by the highs back in January 2017 and March 2017. Taking a look back at price action in January 2017 and March 2017 we can see they retraced significantly before resuming the bullish trend. With no apparent fundamental reasoning behind a change in bullish sentiment I expect the retracement to be sharp and short lived. Any short trades with stops above the high should yield a good risk reward. Proft targets of 7309 and 7260 giving us technical levels to aim for. Looking for a broker? Try Plus500 and receive £20 with no deposit required. Want to try the best charting software on the web? open an account here with www.Tradingview.com
FTSE 100 (UKX) – Technical Analysis – The FTSE 100 closes at a record high, but how long can the bullish momentum last?

FTSE 100 (UKX) – Technical Analysis – The FTSE 100 closes at a record high, but how long can the bullish momentum last?

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On Friday the FTSE 100 closed at a record high of 7435 with AstraZeneca PLC being the biggest individual contributor closing 9% up at the end of the days session. The FTSE 100 has been consistently making higher highs and higher lows since the break of consolidation back in July 2016 (Brexit vote). With the general election fast approaching in early June I predict price to take a breather and consolidate until the result is know. Early opinion polls show the Conservatives in a commanding position, but as shown in the French election, the market has a habit of having already priced in significant news. Beware of trading on election day! As shown in the chart I have current resistance at 7435 which puts it deep inside a strong supply area and support down at 7093. 7093 has held twice rece
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