Tuesday, October 16, 2018

FTSE100 - 16 October 2018

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Fundamental Highlights

Stock prices in London are set to open firm on Tuesday, with focus on any Brexit developments ahead of Wednesday's summit in Brussels. UK Prime Minister Theresa May has insisted an exit agreement is still "achievable" despite negotiations stalling just days ahead of a crunch summit. In addition, investors will focus today on UK's latest jobs report expected to show the unemployment rate held steady at 4.0% in the three months to August. The FTSE 100 index closed up 0.5%, or 33 points, at 7,029 on Monday.

Technical Analysis

For the short term, the FTSE has broken the falling trend channel signaling an even stronger falling rate. The index has resistance points at 7035 and 7186, and the low RSI may be a sign that UK stocks are oversold and that there is a chance for a reaction upwards back to resistance. However, the index is overall assessed as technically negative for the short to medium term.

Support: 6960 6866
Resistance: 7035 7186

Chart (H1)
FTSE100

 
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