The FTSE 100 struggles to overcome a key Fibonacci level as vaccine optimism, which helped consolidate a significant recovery from the Octiber 30th lows, continues to fade. The UK stock index reached a five-month high on Monday but found increased resistance at 6465, where the 61.8% Fibonacci retracement from 7549 to 4776 is found. This level was significant back in the summer highs seen in June, as buyers were unable to consolidate above this level despite market optimism at the time. A break above this significant resistance would put focus on the 76.4% retracement, where an attempt to recover from the first coronavirus falls were halted. Moving averages seem to show that further upside is possible, but momentum is stalling, causing lower highs for 4 consecutive days.
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