FTSE 100 May Slide Further 17% If 5,010 Level Breached: Technical Analysis

The FTSE 100 Index may tumble another 17 percent if the benchmark gauge for U.K. equities closes below a key support level at 5,010, according to a technical analyst at Charles Stanley & Co. “We are now at an important crossroads with the FTSE sitting on or at least very near to support,” John Fletcher, head of exchange traded products and a technical analyst at Charles Stanley in London, said by phone today. Should the index close below 5,010, the Tom DeMark Propulsion Momentum Target indicates the gauge may slide toward the 4,187 level, which is known as the TD Propulsion Down Exhaustion, he said.

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