UK100 index recovers after plummeting

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On March 3, the UK100 index plummeted below the 200-day simple moving average and the lower trend line of the channel up pattern, which guided the rate since late November. Moreover, the next day, the index reached below the lower trend line of the pattern, which captures the stock's moves since the coronavirus drop in March 2020.

However, the pair recovered after touching the 6,770.00 mark. On March 16, the index had recovered back above the 200-day simple moving average near 7,250.00.

A continuation of the surge of the index might reach for the 7,400.00 mark and the 50-hour simple moving average. Higher above, note the resistance of the February high levels at 7,695.00/7,730.00.

On the other hand, a decline of the stocks might look for support in the 7,000.00 mark, before approaching the 6,770.00 level.
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