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  
Second wave of coronavirus could make Fed rethink negative interest rates15 May, 2020  

Another "big setback" in the U.S. economy could prompt the Federal Reserve to consider cutting interest rates into negative territory - but such a monetary...

Markets are excited about oil price rally too soon8 May, 2020  

Oil prices rallied for five consecutive days this week amid investor optimism over the relaxing of coronavirus lockdowns in the U.S. and around the world...

Gold has "growing potential" to break $18005 May, 2020  

Gold prices could "break the highs" seen earlier this year, after declining in March along with assets across the board, according to UBS Investment Bank's Joni Teves...


US oil prices are on track for their worst day ever21 Apr, 2020  

U.S. oil prices were on track for their worst day on record on Monday, with crude storage facilities filling rapidly as the coronavirus pandemic continues to crush demand...

Coronavirus crisis will erase nearly a decade of oil demand growth15 Apr, 2020  

The International Energy Agency (IEA) said Wednesday that it expects the coronavirus crisis to erase almost a decade of oil demand growth in 2020...

Key U.S. coronavirus death projection revised down to 600009 Apr, 2020  

Some 60,000 Americans could die in the coronavirus pandemic, a university model often cited by U.S. and state policymakers projected on Wednesday...


Coronavirus likely ended record U.S. job growth6 Apr, 2020  

The U.S. economy likely shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the coronavirus...

COVID-19: White House predicts 100000 to 240000 to die in US1 Apr, 2020  

President Donald Trump prepared Americans for a coming surge in coronavirus cases, calling COVID-19 a plague...

Coronavirus pandemic driving sales of appliances for health31 Mar, 2020  

Now that consumers have stocked up on toilet paper, disinfectant wipes and other household necessities...