Thursday, August 16, 2018

FTSE100 - 17 August 2018


Fundamental Highlights

The FTSE 100 Index is set to open higher on Friday, buoyed by the opening of trade talks between the US and China, and by a pound weakened by renewed Brexit fears. A light UK corporate calendar today has half year results from independent cruise port operator Global Ports Holding. The economic events calendar has inflation data from the eurozone this due later during the day.

Technical Analysis

After breaking major support levels, the UK index is correcting back up towards the resistance level around the 7577 mark. The RSI looks mixed, however we are hovering around the resistance level this morning and it doesn't look like there is enough momentum to break it. The most probable scenario is a resumption of selling from here.

Support: 7475 7390
Resistance: 7577 7645

Chart (H1)