Friday, September 28, 2018

FTSE100 - 28 September 2018

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Fundamental Highlights

Strong close for the FTSE yesterday at 7542.4, gaining 54.5 points, on the back of healthy economic growth figures out of the U.S. The Pound dropped vs. the FOMC-fueled dollar as the annualized US GDP (QoQ-August) hit the expected target of 4.2% and Durable Goods Orders (Aug) delivered quite a shock to investors, beating expectations by +2.5% (Expected: 2% vs. Actual: 4.5%). The Blue Chip was also supported by high oil prices in light of looming U.S-Iran sanctions, with the U.S energy secretary ruling out dipping into the U.S's emergency crude reserves, increasing supply fears. In economic news, U.K GDP figures will be released at 08:30 GMT along with the Total Business Investment and Current Account data.


Technical Analysis

The FTSE is still in on an uptrend since September 18th, forming a double top at 7557 on the hourly chart with the RSI and MACD indicators showing increased negative momentum. Unless the uptrend is respected, the price will retest our supports one after the other.

Support: 7528.1 7519.6 7509.6
Resistance: 7551.4 7579.2

Chart (H1)
FTSE100

 
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