FTSE 100 desperately hanging on to key levels
- FTE 100 managed to outperform peers since start of year
- Support levels could be broken as Brexit D-Day looms
- Shoulder-head-shoulder pattern points to break below 6,050
- Keep it on our Brexit pages throughout the runup to the vote
The countdown to Brexit is ongoing, but
FTSE seems to be following its own path. Photo: iStock
By Kim Cramer-Larsson
The FTSE 100 has outperformed the rest of Europe since the New Year despite UK polls showing that the country could be on the brink of leaving the European Union.
The chart below shows FTSE 100 is down 1.2 % since the New Year whereas Germany's Dax and the Eurostoxx 50 are down 6% and 10 % respectively.
Is it because EU will be hurt more by a Brexit than UK?
A close below 6,050 will confirm a bearish trend that could send the Index down to at least around 5,850 which is the 0.618 retracement level of the February-April bullish market and also a 0.5 projection of the head-to-neckline difference which is the minimum level a confirmed SHS pattern should reach.