The footsie index closed 0.4% lower and struggles for a clear direction as the lack of clarity surrounding Brexit and concerns of a slowing global economy persist. In the UK , Pm Theresa May works towards paving a path for the nation’s withdrawal from the EU alongside a divided parliament that have yet to vote on an altered plan. Meanwhile, headlines on global trade relations should impact the internationally exposed index amidst mounting uncertainties.
Price action on the Footsie is beginning to move lower with a corresponding RSI forming lower lows. However the FTSE sits in between the bounds of the Bollinger bands suggesting direction remains indefinite while it ranges below the 200-period MA. Should price action sustain below 6850, the index should meet lower support level at 6780.
Support: 6780/ 6670
Resistance: 6940/ 7000