FTSE Tests Long Term Significant Resistance

12 October, 2016

The FTSE 100 index hit an all-time high, on Tuesday. It was helped by the outperformance of energy and mining sectors, as a result of the rise of oil and precious metal prices, as well as the increase in corporate overseas profits, as a result of a weak pound.

On the daily chart, we can see the trend has been bullish since the Brexit vote in late June.

The near term major resistance level at 7000 was broken on 4th October.

The current price is still holding above 7000 and the uptrend line support.

Yet the price retraced after testing the long term major resistance level at 7130, where it nears the previous high in April 2015, the selling pressure is very heavy at this level.

The current trading pattern is likely to oscillate in the range between 7000 and 7130.

The resistance level is at 7080, followed by 7130 and 7200.

The support line is at 7030, followed by 7000 and 6940.

EURJPY has remained bearish since June 2015. Yet it started bouncing since the Brexit vote in June, after testing the significant support line at 110.00.

Last week the bulls tested the mid-term major downtrend line resistance, where short term major resistance level at 116.00 converges. It retraced as the selling pressure at this level is very heavy.

The current trading pattern is likely to oscillate in the range between 112.00 and 116.00.

The resistance level is at 115.00, followed by 116.00 and 117.00.

The support line is at 114.00, followed by 112.70 and 112.00.


Source link  
Dollar Tumbles on Trump Uncertainty

USD plunged on Tuesday breaking the significant support line at 100.00 and further testing the next major support at 99.50...

Can Gold Hold Above Near Term Major Support?

Spot gold hit the lowest level of 1194.91 since 31st Jan on 10th, and rebounded as the zone between 1195 – 1197 is the near term major support zone...

Will Yellen Give a More Hawkish Outlook ?

The Fed will announce its interest rate decision and monetary policies, at 18:00 GMT today. Later, the FOMC press conference will be held at 18:30 GMT...


Can Supreme Court Ruling Help GBP?

Tomorrow, Tuesday 24 January, around 09:30 GMT, the UK Supreme Court will release...

Cautious EURUSD Ahead of ECB

USD, and the US government bond yields, surged last night following Fed president Janet Yellen’s speech to the Commonwealth Club in San Francisco...

The Fed waiting game

Ranges were on the tight side during Monday as markets hold back ahead of the two-day Fed meeting in the US which starts today. This is the last major known risk event of the year, so once over, we’re likely to see volatility and volumes diminish into year end...


Tapering and extending

The main challenge for markets today will be steering through the messages that emerge from the ECB meeting and press conference. Whereas the Fed meeting next week is seen as a near certainty in terms of its outcome, this is not the same for the ECB...

Crisis Lite

The Italian referendum on constitutional reform saw voters reject the proposals in front of them, in a fairly decisive manner. As such, Italian PM Renzi will tender his resignation today and this became part of the issue...

Can OPEC Meeting Help WTI Break Major Resistance

OPEC will hold the next meeting in Vienna on 30th Nov, discussing about further details regarding output freeze. Due to the market expectations on the likely agreement after the meeting, oil price has rebounded since 14th Nov, after testing the long term significant support line at 43.00...

  


Share: