FTSE 100 price (FTSE:UKX) has currently generated a short-term bearish signal, and it is not advisable to go long at the moment. This is because the bearishness may continue longer from here.
The market is currently moving below the EMA 21, while William’s % Range period 20 is already in the oversold region. Yes that is a clear bearish signal. Because the market is looking oversold, there could be some attempts along the way, which are expected to be transitory, because the market is expected to become weaker and weaker.
The outlook on UKX is bearish for this year and price could eventually reach the accumulation territories at 7200.00, 7000.00, and 6800.00 this year.
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