Sunday, August 5, 2018

FTSE 100 - 06 August 2018


Fundamental Highlights

Stocks in London are set for a positive start on Monday, following a higher close in the US on Friday, as traders responded to the US Labor Department's monthly jobs report. The FTSE 100 index is to open 16 points higher at 7675. The blue-chip index closed up 1.1% at 7659 on Friday. No major news is expected from the U.K. today in addition to a very light economic calendar day.

Technical Analysis

The UK Index pulled back from its support on Friday bouncing off the 7560 level all the way back to 7695. Today, however, some profit taking is expected most probably back to the old-resistance new-support mark at 7625. The RSI looks bearish on an hourly chart suggesting downside pressure for the next few hours.

Support: 7625 7560
Resistance: 7695 7770

Chart (H1)