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UK100 to stall at previous resistance?UK100 - 24h expiry Previous support located at 7550. Previous resistance located at 7600. Trend line resistance is located at 7630. A higher correction is expected. Risk/Reward would be poor to call a sell from current levels. We look to Sell at 7630 (stop at 7660) Our profit targets will be 7530 and 7525 Resistance: 7600 / 7630 / 7650 Support: 7550 / 7530 / 7500 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
OANDA:UK100GBPShort
by OANDA
FTSE100 9/JUN/2023UK100 (FTSE 100) index has shown a significant price movement. The price initially formed a resistance level, which has been successfully broken out. This breakout indicates a potential shift in market sentiment. The previous resistance level has now become a support level. This means that traders and investors are now viewing this level as a price floor, where buying pressure may emerge. The price is approaching this support area. Based on historical price behavior, it is likely that the price will rebound or bounce off this support level. This means that buyers could step in and push the price higher from this point. Considering these factors, it is advisable to monitor the price action closely in the support area. Traders may consider potential buying opportunities as the price approaches this level, keeping in mind that a rebound or bounce could occur. Note: This analysis is based solely on technical factors and does not take into account fundamental or macroeconomic aspects that may influence the UK100 index. Technical analysis is not foolproof and market conditions can change rapidly.
ULong
by DNP-FX