FTSE 100

21 November 2017, 13:15
Dragan Drenjanin

FTSE 100 : Under these resistances, a consolidation is likely

Date of analysis 21 November 17

Opinion Short Term Negative
Resistance 1 7532.49PTS
Support 1 7227.87PTS
Opinion Mid Term Neutral
Support 2 7166.95PTS
Resistance 2 7593.41PTS

Last price 7389.46 PTS
MACD -23.14
MA 20 7471.56
MA 50 7438.55
Stochastic 13.62
RSI 38.67

Market Dynamics Technical Analysis

Below 7532.49 PTS the major trend remains bearish 7227.87 PTS and then 7166.95 PTS are in the line of sight. The surpassing of 7532.49 PTS would cancel this anticipation and favor a recovery toward 7593.41 PTS.

The MACD is negative and lower than its signal line. This configuration is damaging the index perspectives. The RSI is not yet indicating an oversold situation, so a continuation of the fall is technically possible. At less than 20, the Stochastics are extermely low. The volumes traded are more than the average volumes over the last 10 days.

The bullish movement seems to have stopped. The index is under its 50-day moving average located at 7438.55. The first support is at 7227.87 PTS and, in the event of a breach of this level, a continuation of the correction towards 7166.95 PTS is possible; to the upside, the first resistance is at 7532.49 PTS, then the strongest level is at 7593.41 PTS.

Share it with friends: