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FTSE 100 Forecast: Death Cross Signals Bad Omen for FTSE 100

FTSE 100 Forecast: Death Cross Signals Bad Omen for FTSE 100

2019-10-10 09:35:00
Justin McQueen, Analyst
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FTSE 100 Price Analysis & News

  • FTSE 100 Forms Death Cross
  • Risks Tilted to the Downside for FTSE 100

Beware as FTSE 100 Forms Death Cross

The outlook has certainly darkened for the FTSE 100 on the technical front with the index forming a death cross, in which the 50DMA has now broken below the 200DMA. Typically, a death cross formation provides a technically bearish signal, thus risks for the index are titled to the downside with eyes now placed on key support at 7115, which 50% Fibonacci retracement and coincides with the rising trendline stemming from the 2019 low.

FTSE 100 Forecast: Death Cross Signals Bad Omen for FTSE 100

In the past 7 years, the index has formed a death cross on four additional occasions, which ultimately resulted in the FTSE 100 heading lower in the following month, dropping 0.5% on average. The worst performance in the FTSE 100 had been seen in 2015, in which the index had fallen over 6%. That said, while the index has provided a bearish signal, focus will remain on politics as participants await the outcome of the US-China trade talks.

FTSE 100 Forecast: Death Cross Signals Bad Omen for FTSE 100

Source: Refinitiv, DailyFX

FTSE 100 Price Chart: Daily Time Frame (Nov 18 – Oct 19)

FTSE 100 Forecast: Death Cross Signals Bad Omen for FTSE 100

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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