Skip to Content
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. See our updated Privacy Policy here.



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
Please try again
More View More
FTSE 100 Price Rolling Over, Chart Patterns in Focus

FTSE 100 Price Rolling Over, Chart Patterns in Focus

DailyFX, Research
What's on this page

FTSE 100 Technical Highlights:

  • FTSE rising wedge is snapping, lower levels look to be ahead
  • Head-and-shoulders top could quickly come into view on weakness

For our analysts intermediate-term fundamental and technical view on the FTSE and other major indices, check out the Q3 Global Equity Markets Forecast.

FTSE rising wedge is snapping, lower levels look to be ahead

The grind higher in the FTSE off the August low may finally be drawing to a conclusion as the ascending wedge the choppy price action has take the shape of is in the process of being triggered. It has broken when looking at the hourly time-frame, further confirmation will come today if the day can close on the weak side of the ledger.

Further selling with have a solid area of short-term support in focus around the 200-day and where the FTSE last bounced from it, in the 7218/7199-area. There have been a few occasions where price has held or folded around the 200, making it a short-term spot of interest.

Beneath 7199 there isn’t any price support to speak of until a pair of lows from August until you get down to 7045/20. This is also a very important area due to the developing topping pattern under construction since April.

The potential head-and-shoulders pattern could mean a much larger decline is set to soon get underway. But before we can think too much about that, the ascending wedge and near-term support are the primary focus. A sustained break above 7380 will undercut the current near-term bearish bias.

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

FTSE Daily Chart (wedge, H&S)

FTSE Daily Chart (wedge, H&S)

UK 100 Index Charts by Tradingview

FTSE Hourly Chart (wedge broken)

FTSE Hourly Chart (wedge broken)

You can join me every Wednesday at 930 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.