2 Apr 2019
FTSE Technical Analysis: Bulls up to test the 61.8% Fibo
- The FTSE is embarking on the 61.8% Fibo of the late May 2018 decline to late Dec lows having ended last month on a bullish trajectory and above the confluence of the 50% fibo and 200-DMA.
- This 61.8% Fibo could be a tough area of resistance as it meets prior highs and the current trend line resistance of the rising wedge formation, a potentially bearish outcome if resisted would revert attention back towards the 50% Fibo and rising trendline support, of which, if broken, will open the prospects for a potential continuation of the May 2018 bear trend.
- Subsequent to a break of the 61.8% Fibo, bulls will look to the 78.6% Fibo below the late 2018 summer highs around the 7650 level.
