Tuesday, September 4, 2018

FTSE100 - 05 September 2018


Fundamental Highlights

UK's FTSE100 closed in the red yesterday following emerging market turmoil and trade concerns. Today, investors will closely watch UK's services PMI due at 1230 UTC+3. Following weaker-than-expected readings from manufacturing and construction earlier in the week, the PMI services reading should determine what stocks in London do next.

Technical Analysis

The technical indicators are suggesting further decline ahead, as the RSI is declining below the 25 level. The key support level now is 7420. A double-bottom reversal is expected at this level, however on the flip side, should the price continue to slip lower, the next target and support is in the 7370 to 7390 area.

Support: 7420 7390
Resistance: 7465 7515

Chart (H1)