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FTSE Technical Analysis – Back Near Confluent Resistance, Range to Persist

FTSE Technical Analysis – Back Near Confluent Resistance, Range to Persist

Paul Robinson, Strategist

FTSE Technical Highlights:

  • FTSE bounce has confluent resistance back in sights
  • Market expected to range for the time-being

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

FTSE bounce has confluent resistance back in sights

The FTSE’s multi-day rally has it back near resistance by way of a couple of points, price resistance dating back to September, most recently in play last month, and the 200-day MA. This confluence in the 7260-area is seen as keeping a lid on the upside.

It’s been a month since the FTSE has made any more progress since rallying sharply off the December low. The general trading conditions are tight and will likely be so until we see what develops further out the ‘Brexit’ situation next week.

On the downside range support clocks around 7060/40, and not far below there lies the channel line off the December low, along with the possibility of also seeing that in confluence with small peak in January if the timing is right.

The overall trend is still higher since bottoming and has yet to show signs that the market wants to roll over, but momentum is lacking and uncertainty is high. For now, risk/reward is unfavorable for directional bets, and conditions are likely to favor range-fades at support and resistance.

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

FTSE Daily Chart (Range conditions to persist)

FTSE daily chart, range conditions to persist

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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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