FTSE 100 stock index continue to move in the framework of growth and the ascending channel. At the time of the publication of the forecast, the index is trading at 7298. Moving averages indicate a bullish trend. At the moment, we should expect an attempt of correction and a test of the support level near the area of 7225. Where should we expect a rebound and continued growth of the FTSE 100 quotes to the area above the 7455 level.
FTSE 100 Forecast and Analysis May 17, 2019
A test of the resistance line on the relative strength index (RSI) will be in favor of raising the stock index quotes. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the growth rate of the index quotes will fall and the breakdown of the 7115 area. This will indicate the breakdown of the channel boundary and the continued decline of the FTSE 100 with a target below the level of 6755. Expect confirmation of the growth of the stock index quotes with the breakdown of the resistance area and closing above the 7335 area.
FTSE 100 Forecast and Analysis May 17, 2019 implies an attempt to test the lower boundary of the ascending channel near the area of 7225. Then, the growth will continue to the area above 7455. In favor of raising the FTSE 100 quotes, a test of the support line on the relative strength index (RSI) will come out. Cancellation of the growth option will be the fall and the breakdown of the area 7115. This will indicate a continuation of the decline with the goal below the area of 6755.