FTSE100

FTSE extended losses on Wednesday, following strong bearish acceleration on Tuesday, and broke below key near-term support at 7254 (09 Mar correction low).
Strong bearish sentiment that has been established of fresh acceleration lower, threatens of further easing. The price is riding on the third wave (of five-wave cycle from 7444 all-time high) that is eyeing its FE 123.6% at 7220 and could extend further.
Bears found temporary footstep at 7225 (55SMA), with some profit-taking expected on oversold near-term studies, but the downside remains at risk.
Key near-term supports lay at 7184 (Fibo 61.8% of 7024/7444 rally) and 7158 (top of rising daily cloud) where extended correction should be contained to avert stronger reversal signal on break lower.
Broken Kijun-sen at 7309 and Tenkan-sen at 7336 mark strong resistances.

Res: 7271; 7309; 7336; 7367
Sup: 7225; 7220; 7184; 7158