Talking Points
- The FTSE 100 is being capped by the March 18 high of 6237 and supported by the March 10 low of 6006.
- A break to the range is probably needed to know further what the future trend of the FTSE 100 could look like.
- U.K. Industrial Production figures for February are to be published today.
In its customary fashion since the start of March 2016, the FTSE 100 is trading sideways.
Price is being capped by the March 18 high of 6237 and supported by the March 10 low of 6006. A break to the range is probably needed to know better what the future trend of the FTSE 100 may be.
The resistance levels beyond the upper limit of 6237 are the December 29 high of 6322 and the psychological level of 6400. Support levels beyond the lower end of the current range at 6006, are the February 25 low of 5913, followed by the January 24 low of 5843.
U.K. Industrial Production figures for February are to be published today. A Bloomberg survey projects a rise of 0.1 percent MoM and zero percent growth since last year. Manufacturing Production is expected to have declined by 0.2% MoM and by -0.7% YoY. The Trade Balance is also on deck today but it’s usually not a source of much excitement.
The only market moving data in the U.S. session are Canadian unemployment numbers, but these are hardly expected to rock the FTSE 100.
Our Stock Market forecasts for Q2 2016 are now live on the site. Download them for free.
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
