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FTSE100: Will the world indices continue to rise? on 03.03.2016

On the daily chart the index FTSE100 has reached strong resistance level of 6160.0 (ЕМА144 and upper limit of the descending channel). However the indicators OsMA and Stochastic give sell signals. At the same time Stochastic Stochastic indicates that the instrument is overbought. In case of the further rise, the price can get stuck between the key resistance levels 6160.0 (ЕМА144), 6228.0 (Fibonacci 100% to the last wave of decline since the beginning of the year)

Otherwise, the price will go back inside the downward channel on the daily chart with the bottom limit below the level of 5500.0.

The rollback to the downtrend will be confirmed after consolidation of the price below support levels of

976.0 (Fibonacci 61.8%, ЕМА200, ЕМА144, bottom limit of the ascending channel on 4-hour chart) and 5900.0 (Fibonacci 50%).

Tomorrow’s data on the US NFPR will determine movement direction in the medium-term. The meetings of the central banks of Eurozone, USA and UK, which will be held on 10, 16 and 17 March respectively, might have impact of the movement direction as well.

Support levels: 5930.0, 5900.0, 5820.0 and 5725.0.
Resistance levels: 6050.0, 6100.0, 6160.0, 6200.0 and 6228.0.

Trading tips

Buy Stop: 6180.0.
Stop-Los: 6135.0.
Take-Profit: 6200.0, 6228.0 and 6255.0.

Sell Stop: 6130.0.
Stop-Loss: 6170.0.
Take-Profit: 6000.0, 5976.0, 5900.0, 5820.0, 5800.0, 5725.0, 5700.0 and 5600.0.

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