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Clouds gather for FTSE 100

Created:
17 March 2008
Written by:
Dominic Picarda

While investors' sentiment towards the US indices may be at bearish extremes, momentum has yet to reach such oversold levels on both sides of the Atlantic.

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The FTSE's closing last week beneath its 200-week exponential moving average re-enforced the negative picture. Ominously, the last time it did this during a significant downtrend was in March 2001. Even if we manage a bounce at some point soon, we continue to expect a drop to 5300 and perhaps 4900.

IC Trades are written by Investors Chronicle writers. City Trades are written by selected external contributors. Both are based on the interpretation of patterns on a share price chart, rather than on fundamental analysis of the company's business or prospects.

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