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FTSE Technical Analysis – Chart Tilted Again in Favor of Sellers

FTSE Technical Analysis – Chart Tilted Again in Favor of Sellers

2018-07-12 07:46:00
Paul Robinson, Strategist
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FTSE Technical Highlights:

  • FTSE decline ensues from top of channel
  • Trend in the near-term remains lower
  • Watch the hourly chart for short-term cues

For a broader fundamental and technical outlook on the FTSE & British Pound, check out the DailyFX Q3 Trading Forecasts.

Yesterday, the FTSE took it on the chin to the tune of 1.3% in-line with a broad global equity market sell-off on restoked fears of a trade war. The decline came following a failure on Tuesday to break above the upper parallel of the channel running lower off the record high.

The sequence of lower highs and lower lows remains intact, and while some might view the current configuration as having a bull-flag look to it (and be correct), as long as the footsie remains contained within the confines of the downward channel the outlook in the near-term remains bearish.

The next clear level of support arrives at 7508, then beyond there lies the 200-day MA at 7463, and with aggressive selling the lower parallel closer to 7400. To turn the picture bullish from here and trip the wire on what could be a bull-flag, a move above the upper parallel will be needed along with a breakout above the recent swing-high at 7715.

Check out this guide for 4 ideas on how to Build Confidence in Trading.

FTSE Daily Chart (Sequence still favors lower prices)

FTSE daily chart with downward channel

Looking at an hourly chart of the cash session (main hours of operation, 700-1530 GMT) for short-term guidance, there is a trend-line running up from the 6/25 low keeping a bid in the market for now. A break below should have yesterday’s sell-off resuming downward momentum.

FTSE Hourly Chart (Watch trend-line)

FTSE hourly chart, trend-line support for now

You can join me every Tuesday at 9 GMT for live analysis on equity indices and commodities, and for the remaining roster of live events, check out the webinar calendar.

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

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