1-hr FTSE100: Traders are Selling Off Their UK Stocks
The FTSE100 index remains firmly in a downtrend, highlighted by several Death Cross patterns appearing since last week. This bearish signal, where the 20-period moving average dips below the 60-period moving average, indicates strong selling pressure and an overall negative market sentiment. However, the current price level is relatively low, which may tempt short-term buyers seeking potential bargains. If this buying interest materializes, it could trigger a pullback, lifting the index to 8,064 (23% Fibonacci retracement) or potentially even higher to 8,107 (38% Fibonacci level). These elevated resistance levels could then serve as optimal entry points for traders looking to rejoin the broader downtrend through new short positions.
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