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FTSE 100 Remains Capped Below Critical Resistance Levels

FTSE 100 Remains Capped Below Critical Resistance Levels

2016-04-22 07:28:00
Alejandro Zambrano, Market Analyst

Talking Points

  • FTSE 100 gives back some of this week’s gains.
  • The short-term trend remains bullish above Monday’s low of 6259.
  • ECB pledges to maintain an ultra-loose monetary policy.
  • Eurozone PMIs on deck.

Yesterday, the FTSE 100 (CFD: UK100) slipped by 1.1% from its high and had thereby given back about 50% of its gains from this week’s low of 6259. Most sectors declined, but the Utilities and Information Technology Sector carried the biggest losses, down by 2.47% and 2.34% correspondingly. The Energy sector was the winner and it rose by 1.24%.

Despite yesterday’s decline, the short-term trend remains upward, as this week’s low of 6259 is higher than the preceding swing low of 6163, formed on April 11. However, while the trend is bullish, price is also trading just below a cluster of important resistance levels.

The cluster of resistance starts with the December high of 6447 and is followed by the October 23 high of 6485. The junction is important because price spent two months trying to breach it without succeeding and because there is no major resistance level until the August high of 6760. The gap between the October 23 high and the August high is 4.2%, something that may attract trader’s interest.

There are no market-moving U.K. reports scheduled today. However, preliminary Markit Eurozone Manufacturing PMI and Services PMI are on deck and might generate some impact on the FTSE 100 via its correlation to the DAX 30.

Mario Draghi, President of the ECB, pledged at yesterday’s ECB rate decision press conference, to maintain interest rates at the current low levels. It appears that the stock market participants were positioned for a slightly more dovish take, as the likelihood of a rate cut in October declined from 54% at the start of the week to 48% after the main part of the press conference had ended. This is something we highlighted in a Market Alert and may explain parts of the FTSE 100 decline as firms worldwide are becoming dependent on low interest rates. For more on the ECB rate decision please read: “EUR/USD Higher as ECB Opts For Status Quo, Eyes on Draghi.”

Our Stock Market forecasts for Q2 2016 are now live on the site. Download them for free.

FTSE 100 | CFD: 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

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