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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
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
Oil - US Crude
Wall Street
More View more
Real Time News
  • France reports 41,622 new virus cases over last 24 hours - BBG
  • Early this morning, the Japanese Yen (JPY) appreciated significantly against the US Dollar as stimulus hopes faded once more. Get your $USDJPY market update from @WVenketas here:
  • EU threatens to place tariffs on Chinese aluminum converter foil - BBG
  • US 5-Year Tips Draw -1.320% Primary Dealers Awarded: 16.7% Indirect Bidders Accepted: 62.8% Direct Bidders Accepted: 20.5% B/C Ratio: 2.66
  • Heads Up:🇺🇸 Fed Barkin Speech due at 17:10 GMT (15min)
  • Russia's Putin says ready to cut oil production further if needed -BBG $CL_F $USO #OOTT
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.63%, while traders in EUR/USD are at opposite extremes with 72.35%. See the summary chart below and full details and charts on DailyFX:
  • The Nasdaq 100 is sitting on a familiar level of support via the neckline of the head-and-shoulders pattern triggered not too long ago. Get your #Nasdaq technical analysis from @PaulRobinsonFX here:
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.78% Gold: -1.17% Silver: -1.82% View the performance of all markets via
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.27% 🇨🇦CAD: 0.03% 🇦🇺AUD: -0.15% 🇯🇵JPY: -0.26% 🇪🇺EUR: -0.32% 🇬🇧GBP: -0.50% View the performance of all markets via
FTSE 100 Outlook – Looking to Break the 200-day, Pattern Neckline

FTSE 100 Outlook – Looking to Break the 200-day, Pattern Neckline

2019-05-31 08:15:00
Paul Robinson, Strategist

FTSE 100 Technical Highlights:

  • FTSE 100 trading at 200-day, neckline of H&S pattern
  • Support until broken, but looks quite vulnerable
  • Levels to watch should the index break

For the Q2 FTSE & GBP forecasts, check out the DailyFX Trading Guides page.

FTSE 100 trading at 200-day, neckline of H&S pattern

A couple of weeks back we looked at a bearish scenario for the FTSE 100 should it turn lower from resistance – a head-and-shoulders (H&S) pattern. With the recent round of weakness since that time the index is back testing confluent support by way of the 200-day and neckline of the H&S formation.

A daily close below 7146 will have the FTSE 100 triggering the H&S and rolling downhill towards lower levels. The height of the pattern from the head down to the neckline calls for about a 380-point measured move, or a drop to ~6770.

Along this path there are support zones to watch; late-March, early-Feb brought support in the vicinity of 7088/41, below there watch 7001/6968 from January, followed by the measured move of 6770. The measured move target (MMT) is just an approximation without any actual levels backing it, leaving a break below the January swing level open for potential to take the FTSE to a swing low from Jan at 6734.

Tactically speaking, today could be an important day as confluent support and a bearish price pattern could trigger by day’s end. If this is the case, then shorts should gain the upper hand in the sessions ahead. If support holds it will be a prudent move to lay low on shorts, while the chart will still look in need of mending before longs become appealing.

FTSE 100 Daily Chart (at 200-day, neckline)

FTSE 100 Outlook – Looking to Break the 200-day, Pattern Neckline

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

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

Tools for Forex & CFD Traders

Whether you are a beginning or experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---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.