Monday, June 17, 2019

FTSE100 - 17 June 2019

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Fundamental Highlights

The FTSE ended 0.31% lower as trade and political tensions weighed on European Indices on Friday. The negative impacts of the protracted US-China trade dispute was reflected in China’s dismal industrial production data and continues to dent the global growth outlook. Meanwhile a declining pound failed to provide the FTSE with support as the index has been uninfluenced by the political scene in the UK. With no major economic releases out of the UK or Eurozone, trade headlines should dominate market sentiment and influence direction on the FTSE.

Technical Analysis

The FTSE continued to trade below the 7370 level on Friday and dipped slightly below the support at 7330 before ending at 7345. A trade above 7370 would be required to indicate buying pressure and target the resistance around 7420 separating the FTSE from a bullish outlook. Failure to push above 7370 suggests a bearish shift in price action and targets the 20-day MA at 7280 should price hold below the 7330 level of support.

Support: 7330/7280
Resistance: 7370/7420

Chart (H4)
FTSE100