FTSE 100, Silver: March 23, 2018
FxPro Financial Services Ltd | Mar 23, 2018 05:43AM ET
The FTSE 100 index has fallen below its February low at 6916.3, painting a bearish picture for 2018. The level was lost in the US session yesterday, and the index reached a low of 6835.7 overnight. Attempts to recover this morning are stalling above 6900.0. The increase in international trade tension has led to a fall in risk sentiment. The UK has been included in a list of exempted countries for the US trade tariffs due to its EU membership. Support below comes in at 6800.0 and 6765.8.
Resistance above comes from the trend lines broken in yesterday’s session, with the blue line at 6968.3 and the red line at 7007.4, a previous level of interest. The 4-hour moving averages are turning sharply lower, with the 50-period at 7055.0, the 100-period at 7115.0 and the 200-period at 7200.0. 7141.8 is the break down level and bulls would need to regain this area to wrest control from the bears.
Silver has recovered to test its 200-period MA at 16.540, after finding support at the black trend line near 16.335 yesterday. This trend line has been breached on two occasions now but the move back higher on Wednesday presented excellent before and after touches, re-affirming its significance. Price reached up to the 16.661 level before retesting the black line and rebounding. This presents a bullish option for traders, with those missing out on the retest waiting for interaction with the falling blue two-touch trend line at 16.625, to see if price can rally further.
Support is found at the black trend line at 16.340, with the 16.308 level close below. Further support is located at 16.137 and 16.076. Resistance is at 16.661, with 16.753 and the most recent high at 16.869 above. The 17.000 level remains a target to aim for.
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