FTSE 100, confirmed trend line.
Today FTSE made a third touch and confirmed a trend line right on the 50% retracement of the move. Previously respected 38.2% fib level as well. RSI in oversold area, but going lower with the pullback. 50 SMA about to cross above the 200 SMA. Important to notice that on the 4 hour chart, the 200 SMA is right on the trend line, adding additional resistance. A break above now could be a good technical setup, first target at the 61.8% fib level. Of course watch for fundamental data, particularly 'trade war' news.
Happy Trading!
Happy Trading!
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