News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The market’s preferred ‘fear indicator’ shows a persistent uncertainty around the near future. What can our current conditions and history tell us what to expect from the #VIX through the final two months of the year?
  • #Stock market performance is considered an important predictor of the economic outlook. What else can it be used to project? #Elections2020
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here:
  • A #Euro reversal off technical downtrend resistance now risks a larger correction in price. Here are the levels that matter on the $EURUSD weekly chart. Get your #currencies update from @MBForex here:
  • We are days away from the US Presidential election and the markets are caught in the vortex. A contested outcome would raise serious volatility for the markets whereas a decisive outcome seems to support bullish $SPX and Dollar views from the market rank.
  • The future implications of the #Elections2020 may influence $AUDUSD following the #RBA and #Fed rate decisions as Congress struggles to pass another round of fiscal stimulus. Get your #currencies update from @DavidJSong here:
  • Gold prices declined in the aftermath of bearish technical cues, but a key zone of support was reinforced. $XAUUSD volatility risk is elevated ahead of the #Elections2020. Get your #metals update from @ddubrovskyFX here:
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here:
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here:
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
FTSE 100: Trapped Between Major Support and Resistance?

FTSE 100: Trapped Between Major Support and Resistance?

2016-04-26 09:56:00
Alejandro Zambrano, Market Analyst

Talking Points

  • Yesterday, price slipped below last week’s low, but traders did not take notice. Has focus shifted to the big levels governing price action?
  • The November 11, 2015 high of 6461 is capping price, while price is supported by the April 5 low of 6060.

The FTSE was up by 0.47% and led higher by Energy shares at the time of writing.

Yesterday, the FTSE 100 briefly slipped below last week’s low of 6260 but it was not enough to trigger further selling, with bullish traders instead taking control over price this morning.

Looking beyond the near-term price action, we note that the FTSE 100 maintains some of its bullish momentum started by mid-February. The critical level for the bullish trend in place since then is the April 5 low of 6060, as it is a higher swing low than the preceding swing low of February 24, namely 5845.

While the trend is bullish, strong resistance has not made it easy for price to continue the rally. Last week price reversed at 6432 as it approached the November 11 high of 6461. The FTSE 100 spent two months last year trying to breach the 6461 level, which shows how important this high is. Also highlighting the importance of the 6461 level is that the next major high beyond 6461 is the August 2015 high of 6760.

Price is supported by the April 5 low of 6060, but the 6150 level is also important as the FTSE 100 spent most of March trading around this level, making it potential support. The FTSE 100 could therefore be trapped between strong support and resistance.

The next support level beyond the April 5 low of 6060 is the February 25 low of 5845.

There are no U.K. or Eurozone market moving events on deck today. In the U.S. session, Durable Goods Orders figures, as well as April's Consumer Confidence and Markit PMI reports, are on tap, read more about them here.

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

FTSE 100 | CFD: UK100

Please add a description for the image.

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

--- Written by Alejandro Zambrano, Market Analyst for

Contact and follow Alejandro on Twitter: @AlexFX00

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