Friday, December 14, 2018

FTSE100 - 14 December 2018


Fundamental Highlights

This week, PM Theresa May sustains retained her leadership position however no Brexit developments were made leaving investors on the sidelines and drawing their attention to yesterday’s ECB announcement. Investors are watching out for Brexit related news as the withdrawal deal has yet to make further advances. Meanwhile Italy’s budget negotiations and France’s unresolved protest crisis continue to add to the Eurozone’s current political turmoil.

Technical Analysis

The FTSE edged lower in yesterday’s session struggling to break above a resistance level at 6908. With the 20 MA holding between the 50 and 100 MA, the Index could be signaling a consolidation period and no continuation of the trend. The 50MA at 6818 and 100MA at 6911 are acting as key support and resistance levels, respectively. A move well above or below those levels could direct the Footsie.

Support: 6784/ 6825
Resistance: 6907 / 6958

Chart (H1)