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FTSE 100 Declines On Soft Energy and Mining Shares

FTSE 100 Declines On Soft Energy and Mining Shares

Alejandro Zambrano, Market Analyst

Talking Points

  • FTSE 100 declines on soft energy and mining shares and these declines are in turn driven by speculation of a June Fed rate hike.
  • The FTSE 100 itself remains confined to the same range, which has dominated price action since May 5, namely the 6053-6195 range.
  • U.K. Retail Sales excluding Auto Fuel may rise by 2% YoY from 1.8% in March as per a Bloomberg News survey while the same reading with Auto Fuel may rise by 2.5% YoY from 2.7% prior.

The FTSE 100 (CFD: UK100) was lower by 0.72% on the day and at the time of writing. The biggest drag on the index was the Materials Sector (mining) and Energy-firm shares, down by 2.89% and 2.86% correspondingly. The decline in these sectors follows price declines in the precious metals and Brent crude oil, which in turn traded lower after the publication of the far more hawkish than expected FOMC minutes.

The FTSE 100 itself remains confined to the same range, which has dominated price action since May 5, namely the 6053-6195 range. The lower end of this range is the May 6 low of 6053 while the upper end of the range is the May 12 high of 6195. Within the above-mentioned interval, the FTSE 100 trend is neutral, and therefore neither bullish nor bearish traders have complete control over price. The stalemate will probably remain in effect until price leaves the range behind itself. A potential driver for price is an extended decline in energy and metal prices following the FOMC minutes. For more on the same topic please read “April FOMC Minutes Show Growing Chances for June Rate Hike.”

Resistance levels above 6195 are the May 17 high of 6217, the May 3 high of 6283, and the April 27 high of 6341. The only strong support level at the time of writing was the May 6 low of 6053 and below it, the March 10 low of 6006 representing the next support level.

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

U.K. Retail Sales excluding Auto Fuel may rise by 2% YoY from 1.8% in March per a Bloomberg News survey while the same reading with Auto Fuel may rise by 2.5% YoY from 2.7% prior. The former series has been slowing. In mid-2015 the pace was roughly 4.3% YoY, while by the end of 2015 and early 2016 the pace was near 2%, this suggests the U.K. economy growth is slowing and may weigh on the FTSE 100.

--- 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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