Technical Update - FTSE 100 & FTSE 250 Technical Update - FTSE 100 & FTSE 250 Technical Update - FTSE 100 & FTSE 250

Technical Update - FTSE 100 & FTSE 250

Equities 2 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  FTSE 100 got hit by selling just short of all-time highs. But uptrend is intact and FTSE100 is likely to test and break above all-time high shortly
FTSE250 dips below 20K testing support in a correction that could drop lower. Trend is up however, and is likely to resume in a few days

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FTSE 100 has retraced just a short of testing all-time highs and a correction could be seen. But the trend is still up and the bullish RSI with no divergence indicates FTSE 100 could have a go at the all-time high shortly.

FTSE100 has for now bounced from the 0.236 retracement but could correct down to the 0.382 or even 0.50 retracement at around 7,656/7,589 before buyers will come back in to lift the Index. .
Both short- and medium-term trend is up and FTSE 100 could reach to test 8K within a few weeks.

ftse100 d 23jan
Source: Saxo Group
FTSE 250 is bouncing from support around 19,615 but selling pressure could short-term return pushing the Index to test the lower rising trendline and possibly the 200 and 55 daily SMA’s.
RSI is still supporting the uptrend which is likely to resume to test the resistance at around 20,467.
If FTSE 250 closes below 19,317 further selling could continue pushing the Index down to around 18,494. 
ftse250 d 23jan
Source: Saxo Group

RSI divergence explained: When instrument price is making a new high/low but RSI values are not making new high/low at the same time. That is a sign of imbalance in the market and an weakening of the uptrend/downtrend. Divergence or imbalance in the market can go on for quite some time but not forever. It is an indication of an exhaustion of the trend


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