Wednesday, August 8, 2018

FTSE 100 - 08 August 2018


Fundamental Highlights

The FTSE100 is seen opening higher on Thursday despite a fresh move by China in its US trade dispute, while the pound remains at lows not seen for almost a year. A busy day for the UK corporate calendar today from Randgold Resources, G4S, Coca-Cola HBC, Legal & General and the TUI Group. Coming up in US economic news on Thursday is July's PPI later in the afternoon, with consensus expecting producer price inflation to remain flat at 3.4%.

Technical Analysis

From a technical perspective, the UK index had a failed attempt at a break through its resistance levels yesterday, and unless some strong fundamentals push stocks in London higher today, the expectations are to the downside back inside the range. The RSI is showing overbought conditions suggesting bearish pressure.

Support: 7638 7577
Resistance: 7700 7785

Chart (H4)