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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Today's Market Quick Take from the Saxo Strategy Team
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.
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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