FTSE 100 : Under these resistances, a consolidation is likely
Date of analysis 22 November 17
- Opinion Short Term Negative
- Resistance 1 7526.7PTS
- Support 1 7222.21PTS
- Opinion Mid Term Neutral
- Support 2 7161.31PTS
- Resistance 2 7587.6PTS
Market Dynamics Technical Analysis
Below 7526.7 PTS the major trend remains bearish 7222.21 PTS and then 7161.31 PTS are in the line of sight. The surpassing of 7526.7 PTS would cancel this anticipation and favor a recovery toward 7587.6 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 less than the average volumes over the last 10 days.
MOVEMENTS AND LEVELS
The bullish movement seems to have stopped. The index is under its 50-day moving average located at 7438.76. The first support is at 7222.21 PTS and, in the event of a breach of this level, a continuation of the correction towards 7161.31 PTS is possible; to the upside, the first resistance is at 7526.7 PTS, then the strongest level is at 7587.6 PTS.