Monday, August 13, 2018

FTSE 100 - 14 August 2018


Fundamental Highlights

Stocks in London are seen opening higher ahead of the UK jobless data, as worries about Turkey eased slightly after the country's central bank took measures to boost liquidity. Fears of contagion of the Turkish Lira crisis appeared to be contained overnight, allowing Asian markets to catch their footing despite a sell off on Wall Street.

Technical Analysis

Technically, the UK index is still trading inside a wide range between 7555 and 7785. The index has been stuck in this range since early May 2018 with occasional failed attempts at breaking. Short-term traders should focus on the RSI. This indicator has so far been a clear predictor of direction. The RSI looks now strongly bullish suggesting more upside at least until the 7700 resistance level.

Support: 7638 7577
Resistance: 7700 7785

Chart (H4)