FTSE 100 Sellers Eye Key Levels Amid Profit-Taking
The UUK100 has faced selling pressure as investors lock in profits. This comes as inflation in the UK nears the central bank's target level, prompting expectations that the Bank of England will keep interest rates steady at 5%. The combination of stable rates and profit-taking from shareholders has contributed to a correction in the UUK100 after a week-long upward trend.
Technical Outlook
On the four-hour chart, the UUK100 has entered a corrective phase as buyers retreat from the uptrend that began on September 9. The index is now testing a key support level at 8280.80, and a sustained break below this point would confirm the completion of a bearish head-and-shoulders pattern. If the sellers succeed in breaking this level, the next targets are 8272.04, 8267.47, 8260.90, and finally 8248.60.
However, if buyers regain control and push the price above the right shoulder resistance at 8313.00, the bearish pattern will be invalidated.
Read the full article here:
https://erranteacademy.com/ftse-100-sellers-eye-key-levels-amid-profit-taking/
Technical Outlook
On the four-hour chart, the UUK100 has entered a corrective phase as buyers retreat from the uptrend that began on September 9. The index is now testing a key support level at 8280.80, and a sustained break below this point would confirm the completion of a bearish head-and-shoulders pattern. If the sellers succeed in breaking this level, the next targets are 8272.04, 8267.47, 8260.90, and finally 8248.60.
However, if buyers regain control and push the price above the right shoulder resistance at 8313.00, the bearish pattern will be invalidated.
Read the full article here:
https://erranteacademy.com/ftse-100-sellers-eye-key-levels-amid-profit-taking/
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