FTSE 100 Claws Back Losses and FOMC Minutes are on Deck
- The FTSE 100 tries to claw back some of its losses.
- Crude oil prices bounce on a draw in inventories vs. an expected build.
- This evening, the Fed will publish minutes from the March 15-16 FOMC meeting.
The FTSE 100 (FXCM: UK100) is higher by 0.66% at the time of writing in what appears to be an attempt to claw back some of yesterday’s losses. We do note that crude oil prices are slightly higher compared with yesterday afternoon, as the API reports that U.S. Crude oil inventories fell by 4.3M barrels last week vs. the expectation of a build of 3.2M barrels. The higher crude oil prices may be influencing the FTSE 100 this morning.
From a technical point of view, the FTSE 100 is trapped in the narrow price range of 6006 to 6237, making it a total of 25 trading days since the formation of the range.
With price trapped in this narrow range it could be argued that a trend is lacking, making it more difficult to know what might happen next. A break to the range is needed.
The resistance levels which come into play on a break to the limit of 6237 are the December 29 high of 6322 and the psychological level of 6400. On a break to the lower end of this range at 6006, the February 25 low of 5913 is the next most likely support level, followed by the January 24 low of 5843.
There are no market moving macro-economic data releases on deck in today’s session. However, this evening the Fed will publish minutes from its March 15-16 FOMC meeting.
FTSE 100 | FXCM: UK100
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.