FTSE Fears UK Budget

by Ashraf Laidi

Apr 21, 2009 13:51

FTSE-100 outlook looks increasingly shaky as the index is dragged by broadening UK concerns (tomorrows budget, unemployment, GDP and retail sales). Recall that FTSE-100 rose 20% from its March lows compared to 31% and 27% for the S&P500 and the Dow. Prolonged losses seen targeting 3,875 as early as today , which is the target from the current Head&Shoulder formation as well as the 38% retracement of the rally from the March lows to the April highs. Index attempts holding above 3,900 (55-day MA), but prolonged losses may intensify ahead of tomorrows event risk.

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