- Price has stalled but the short-term trend remains bullish above the February 29 low of 6034.
- U.K. Industrial production is on tap today and expected to rise by 0% YoY according to a Bloomberg News Survey.
- In the afternoon, U.S. Wholesale inventories are expected to decline by -0.2% MoM.
The FTSE 100 is little changed since Wednesday of last week and caution is therefore warranted as the bullish trend (present since mid-February) may be about to end.
However, for now the trend is bullish and price may reach the December 29 high of 6322 as long as the February 29 low of 6034 is respected. Traders not long will probably wait for a break to last week of 6221 as such a move may be what is needed to reinstate bullish momentum.
On the other side, a slide below the February 29 low of 6034 may trigger a multiday decline, taking price to the February 2 low of 5839. Supporting this view is the downward sloping 200-day-average, now trading at 6289.
U.K. Industrial production is on tap today and might move price, with a Bloomberg News Survey projecting a rise of 0% YoY. In the afternoon, U.S. Wholesale inventories are expected to decline by 0.2% MoM and could be more of a market mover.
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FTSE 100 | FXCM: UK100
Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano
— Written by Alejandro Zambrano, Market Analyst for DailyFX.com
Contact and follow Alejandro on Twitter: @AlexFX00
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