The FTSE 100 index fell to 12,160.77, with all sectors in the red. On Wednesday, the benchmark fell 0.3 %, hurt by losses for retailers as well as strength in the pound. How is the market moving at the moment? Let’s find out on the 22 March FTSE 100 Technical Outlook.
22 March, ADS Securities – The FTSE 100 index declined in the previous session, dragged down by a stronger British Pound as well as a fall in the retail sector stocks. Moreover, shares of Kingfisher Plc dropped following a slump in its annual revenue figures and after it offered a mixed outlook.
22 March FTSE 100 Technical Outlook
Currently, the index is trading with a positive showing on the 1H chart, reflecting at a bullish momentum in the coming session. In addition, the MACD indicator has witnessed a signal line crossover from below, further affirming the above view.
Key technical barrier is positioned at the 7070 level, followed by the 7100 and 7135 levels. A surge above the latter might lead to positivity in the index. On the flipside, key support is situated at the 7010 level, followed by the 6980 and 6950 levels. A breach below the latter might prompt further weakness in the index.
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This article was provided by analysts of ADS Securities.
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