Friday, November 2, 2018

FTSE100 - 02 November 2018


Fundamental Highlights

Stocks in London are seen opening higher today amid a sense of easing global trade tensions. Focus later today will be on the release of the US Labor Department's monthly employment report at 1230 GMT. The economic events calendar today has manufacturing PMI readings from the UK.

Technical Analysis

The FTSE was hovering back and forth throughout the session around the 7115 support/resistance level, unable to hold early session gains. The market closed lower but above the prior day's open today, forming a bearish Harami Candle. Additionally, the RSI looks bearish signaling selling pressure ahead. Although the stock index is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Support: 7115 / 7050
Resistance: 7225 / 7290

Chart (H1)