FTSE100

FTSE accelerated lower today, following yesterday’s close in red (the first after 14 straight bullish days) and today’s lower opening that preceded fresh weakness. Correction that was awaited on strongly overbought daily studies is materializing on today’s bearish acceleration that already took out first downside trigger at 7200 zone (daily Tenkan-sen line). Further easing is likely and signaled by daily RSI that emerged from overbought zone, where it was holding for nearly two weeks. Next support at 7129 (Fibo 38.2% of 6867/7291 upleg) is coming in focus, with stronger weakness capable of travelling towards 7079 (daily Kijun-sen) and 7029 (Fibo 61.8% retracement). Broken Tenkan-sen now turned to initial resistance at 7197.

Res: 7197; 7258; 7269; 7291

Sup: 7158; 7103; 7079; 7029

, Market Analysis