{"id":166993,"date":"2020-03-20T11:45:06","date_gmt":"2020-03-20T15:45:06","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=166993"},"modified":"2020-03-20T09:35:29","modified_gmt":"2020-03-20T13:35:29","slug":"has-ftse-uk100-found-a-bottom","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/03\/has-ftse-uk100-found-a-bottom\/","title":{"rendered":"Has FTSE (UK100) Found A Bottom?"},"content":{"rendered":"
March 20, 2020<\/div>
\r\n<\/div><\/div>

By <\/strong>Orbex<\/strong><\/a><\/p>\n

\"\"<\/a><\/p>\n

The financial meltdown has spared no indices. The UK100 plummeted to levels last seen in 2011, just shy of the critical level at the 4500 handle.<\/p>\n

It\u2019s a confluence of some major tops and bottoms seen during the 2008 market crash. These were broken to the upper side causing one of the best bullish rallies lasting 12 years.<\/p>\n

The weekly chart above speaks of volume. However, it hints at a major support structure.<\/p>\n

We just had a full retest of the multiyear descending wedge prompting a quick bounce, which is looking healthy. But, it needs to test the 5750\/800\u00a0region and attain a daily close above to fortify the view of a bottom being in place. This should allow rallies to commence.<\/p>\n

While we hold on to the lows of the week, price action shows a high potential of a reversal. We can then start to look for prices to register 5800, followed by 6500, to begin with.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

The 2-hour chart below represents a current descending trendline break structure to the higher side. Overall, the chart layout still projects a potential bear flag and it still carries a risk for a further drop back to the weekly lows as long as it remains trading within the ascending channel.<\/p>\n

\"\"<\/a><\/p>\n

It is very likely to see a test to the upper band of this potential bear flag channel, near the 5640 level.<\/p>\n

In case of a break higher we can expect rallies to test 5750. A full retrace would call for further gains towards the 6500 level.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex The financial meltdown has spared no indices. The UK100 plummeted to levels last seen in 2011, just shy of the critical level at the 4500 handle. It\u2019s a confluence of some major tops and bottoms seen during the 2008 market crash. These were broken to the upper side causing one of the best […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-166993","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/166993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=166993"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/166993\/revisions"}],"predecessor-version":[{"id":166999,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/166993\/revisions\/166999"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=166993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=166993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=166993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}