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FTSE 100 Turns At the Resistance Level Following Soft Mining Stocks

FTSE 100 Turns At the Resistance Level Following Soft Mining Stocks

Alejandro Zambrano, Market Analyst

Talking Points

  • The FTSE 100 gives back some of yesterday’s gains as mining stocks take a hit.
  • The index remains trapped in the 6006 to 6237 range.
  • Today, the Fed’s Evans and Dudley are scheduled to speak.
  • U.S. Jobless claims and Chicago Purchasing Manager are also on deck.

The FTSE 100 (FXCM: UK100)is lower by 0.52% at the time of writing as mining stocks such as BHP Billiton, Glencore, Rio Tinto, and Anglo American traded lower on softer metal prices. Copper prices have also fallen to a four-week low over the last few days.

With today’s decline in the FTSE 100, the index remains trapped within the 6006 to 6237 range. The next resistance level beyond the upper limit at 6237 is the December 29 high of 6322, followed by the December 12 high of 6449.

Support beyond the March 10 low of 6006 is the February 24 low of 5843, followed by the January 20 low of 5598.

Stock markets worldwide have remained generally upbeat over the last few days as the Fed’s Janet Yellen boosted stocks by highlighting that the Fed will be wary of raising rates going forward.

Today, the Fed’s Evans and Dudley are scheduled to speak, and might provide further clues as to what the Fed will do with its monetary policy. U.S. Jobless claims are expected to remain unchanged from last week and are seen at 265k according to a Bloomberg Survey. Chicago Purchasing Manager is seen at 50.5 which is a rise from 47.6 in February.

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FTSE 100 | FXCM: UK100

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Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com

Contact and follow Alejandro on Twitter: @AlexFX00

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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