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FTSE Chart Analysis – Surge Pushes Price from One Level of Resistance to Another

FTSE Chart Analysis – Surge Pushes Price from One Level of Resistance to Another

2019-02-06 09:26:00
Paul Robinson, Strategist
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FTSE Technical Highlights:

  • FTSE trading into zone from last year, due for a breather
  • Pullback due, taking it one step at a time

Get your forecasts today for the FTSE and Pound right here on the DailyFX Trading Guides page.

FTSE trading into zone from last year, due for a breather

The surge off the late-January low has been nothing but momentum, with resistance by way of a trend-line extending lower from August and highs last month being taken out with ease. This cleared any chance of a corrective wedge forming, a possibility discussed last week.

Yesterday, price extended into the important resistance zone from around 7145 up to 7220 or so. This area marks the swing low from September that acted as support and the multiple daily highs during October and November that acted as highs.

Shorting when momentum is this strong isn’t an easy game, but a pullback does look to be upon us. Whether it turns out to be a constructive pullback for another attempt to trade higher or whether it will morph into an outright decline is yet to be determined.

From a tactical standpoint the near-term favors weakness and we’ll have to wait and see how the retracement unfolds for better directional cues. Support doesn’t arrive until around 7000, a hold well above there would be considered a positive and possibly lead to a test of the 200-day MA at some point. A strong push below 7k would bring into play trend-line support and with it an important test of the trnd off the 2018 low.

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FTSE Daily Chart (At Resistance)

FTSE daily chart, at resistance

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---Written by Paul Robinson, Market Analyst

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