Tuesday, April 16, 2019

FTSE100 - 16 April 2019


Fundamental Highlights

The Footsie ended flat on Monday as traders struggle for direction amidst lack of Brexit updates despite positive sentiment on the global trade front. Today the UK is set for a major economic release as employment figures will reflect economic conditions amidst the uncertainty Brexit has subjected UK businesses to. Moreover, Eurozone publishes ZEW economic sentiment report and the Footsie may take direction from economic data and any updates on US-China trade progress.

Technical Analysis

The FTSE traded sideways on Monday as it failed to find enough upward momentum to break through resistance at 7470 to point towards the 7550 level. Moreover the index remains below the trend line resistance from May and has yet to trade above it to suggest the presence of buying pressure. A decline below 7400 would indicate a lower move before finding near-term support around 7380 as the bullish view persists with an RSI reading holding in positive territory.

Support: 7400/ 7370
Resistance: 7470/ 7510

Chart (H4)