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Technical Update - FTSE-100 bounces strongly. FTSE-250 lagging. Over head resistance close by
FTSE-100 bounced from the 0.764 Fibonacci retracement of the June-August uptrend at around 7,135. The bounce is getting close to test the 0.764 of the August to September sell-off at around 7,474.
If FTSE gets rejected at that level bear trend resumes. That scenario is likely to play out if RSI gets rejected at the 60 threshold.
However, for FTSE to reverse the current down trend a close above 7,579 is needed. A close above 7,579 next resistance is at 7,670 but a move to 7,750-7,800 is not unlikely.
If FTSE gets rejected at either 7,474 or 7,579 selling pressure will likely return.
A close below 7,131 is likely to push the Index below 7K.
If FTSE gets rejected at that level bear trend resumes. That scenario is likely to play out if RSI gets rejected at the 60 threshold.
However, for FTSE to reverse the current down trend a close above 7,579 is needed. A close above 7,579 next resistance is at 7,670 but a move to 7,750-7,800 is not unlikely.
If FTSE gets rejected at either 7,474 or 7,579 selling pressure will likely return.
A close below 7,131 is likely to push the Index below 7K.
FTSE-250 bounced from 18,500 and currently trading around the 0.50 retracement at 19,500. Further upside to the 0.618 retracement at around 19,713 could be seen but if RSI is rejected at the 60 threshold it will l be an exhaustive move quite likely followed by bear trend to resume.
If the FTSE-250 drops back below 19,000 selling pressure is likely to intensify and push the Index to test the July lows around 18,288.