FTSE holds a neutral tone

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The FTSE 100 ended Wednesday pretty much flat, down by 6 points at 6,147.06, in spite commodity-related currencies were among the daily winners.

    Copper producer Antofagasta added 3.59%, while Rio Tinto was up by 2.3%, while oil prices early advance helped Royal Dutch Shell to add 0.98%, and BP to surge by 0.64%.

    FTSE technical outlook

    “The London benchmark remains near its close ahead of Thursday´s opening, and the daily chart shows that, despite the retreat, it managed to close the day above its 100 DMA. In the same chart, the Momentum and the RSI indicators are losing some upward strength near overbought levels, still far from suggesting an upcoming downward move,”said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the index remains well above a strongly bullish 20 SMA, but the Momentum indicator is drawing a bearish divergence, not yet confirmed, heading south and about to cross its mid-line towards the downside, whilst the RSI continues to aim higher around 63, this last limiting the downside at the time being.”

    Support levels: 6,094 6,027 5,969. Resistance levels: 6,181 6,246 6,325.
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