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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bearish
Low
High
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bullish
Low
High
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
USD/JPY
Mixed
More View more
Real Time News
  • 🇳🇴 Norges Bank Interest Rate Decision Actual: 0% Expected: 0% Previous: 0% https://www.dailyfx.com/economic-calendar#2020-09-24
  • 🇩🇪 Ifo Business Climate (SEP) Actual: 93.4 Expected: 93.8 Previous: 92.6 https://www.dailyfx.com/economic-calendar#2020-09-24
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/HbVXBTslrS
  • SNB will detail FX interventions on a quarterly basis from September 30
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.66%, while traders in EUR/GBP are at opposite extremes with 64.16%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/JxqLeQGhcS
  • Heads Up:🇳🇴 Norges Bank Monetary Policy Report due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-24
  • Heads Up:🇳🇴 Norges Bank Interest Rate Decision due at 08:00 GMT (15min) Expected: 0% Previous: 0% https://www.dailyfx.com/economic-calendar#2020-09-24
  • Heads Up:🇩🇪 Ifo Business Climate (SEP) due at 08:00 GMT (15min) Expected: 93.8 Previous: 92.6 https://www.dailyfx.com/economic-calendar#2020-09-24
  • Heads Up:🇪🇺 European Council Special Meeting due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-24
  • Heads Up:💶 ECB Economic Bulletin due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-24
FTSE 100 Looking to Support Levels to Stay on Course

FTSE 100 Looking to Support Levels to Stay on Course

2017-03-08 08:34:00
Paul Robinson, Strategist
Share:

What’s inside:

  • FTSE 100 softens after springing to new record highs
  • Looking to levels below for support in addition to potential bull-flag
  • Bias is still generally bullish, but the market will need to find its footing at levels outlined

Looking for trading ideas? See our Trading Guides.

When we last discussed the FTSE 100, it had just exploded to new highs with the help of solid global risk appetite following U.S. President Trump’s address to Congress and a weak pound. The index edged above the top-side 2013 trend-line and was squaring up against an upper parallel paired off with the trendline rising up from early February. Since turning lower the footsie is trading back below the long-term top-side trend-line and the old highs from January. The upper parallel proved to be pivotal, so we’ll keep a close eye on it should it come in play again on the way back up.

For now, we will be looking to a series of levels below for support. First the ~7330/00 area, where several intra-day highs took place during the third week of February. Looking closer at price action (1-hr chart), we can see the development of a bull-flag. The pattern needs to fully mature and eventually break the top-side parallel, but it could be a solid guide for new long entries.

Should we see the ~7330/00 area give-way to selling and the bull-flag configuration broken, then a larger decline could be underway, which may bring the 2/2 trend-line into play down near 7250. If the current technical structure is to remain pointed towards new highs in the very near future, then short to intermediate-term trend support will need to hold. A drop much beyond there won’t ‘wreck’ the trend, but start raising questions. Not far below the above-mentioned levels lies longer-term trend support by way of a trend-line extending up from the ‘Brexit’ lows (it’s been drawn in a couple of ways given the extreme tail caused by the vote, but both run in the same neighborhood at this time). In addition, the 2/24 pivot is in the area as well. A break below the June trend-line and swing low, an event not likely in the very immediate future, would be required to fully back off a bullish bias, and likely means we are seeing broad global risk aversion not isolated to just the U.K.

FTSE 100: Daily

FTSE 100 Looking to Support Levels to Stay on Course

Created with TradingView

Join Paul on Tuesday’s at 10 GMT for “Indices & Commodities Analysis for the Active Trader”. For a schedule of all upcoming live events, please see the Webinar Calendar.

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing up here.

You can follow Paul on Twitter at @PaulRobinonFX.

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

DISCLOSURES