Thursday, April 18, 2019

FTSE100 - 18 April 2019


Fundamental Highlights

Given that Brexit developments has ceased for the time being, the Footsie has room to move higher however struggles to trade well above 7470 even with supportive economic data out of China. The lack of progress on the global trade front alongside subdued trading on Wall Street may curb further advances on the FTSE.

Technical Analysis

The FTSE gained 2 points on Wednesday as it ended at 7471 . The resistance zone at 7470/7480 remains a barrier to the next target at 7560 as price has touched on this level several times however failed to overcome it. The 20-period MA around 7440 continues to act as support alongside the trend line resistance from May. The RSI reading sits above the mid-line suggesting bullish bias still holds and the chance of a breakout over 7470 is possible given that the index has managed to close above 7460 once again.

Support: 7440/ 7400
Resistance: 7480/ 7550

Chart (H4)