Technical Update - FTSE 100 & FTSE250 Mid cap range bound with a bullish tone Technical Update - FTSE 100 & FTSE250 Mid cap range bound with a bullish tone Technical Update - FTSE 100 & FTSE250 Mid cap range bound with a bullish tone

Technical Update - FTSE 100 & FTSE250 Mid cap range bound with a bullish tone

Equities 5 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

FTSE 100 key support at 7,700. A close below could lead to a sell-off down to around 7,500.
FTSE 100 is still above the cloud area and above 55 and 100 Moving Average i.e., in a bullish trend.

However, indicators are not conclusive and aligned. The 55 Moving Average is declining whereas the 100 Moving Average is rising.  
RSI Positive sentiment and no divergence indicates higher FTSE 100 with strong resistance at around 7,947. However, a close below 7,700 is likely to reverse that scenario.

Source all data and charts: Saxo Group

UK100 cfd: A break above 7,808 and uptrend is set to resume with potential to 7,975. Key support at 7,625 which is likely to be tested if UK100 breaks below 7,688

FTSE 250 seems range bound between 19K and 19,500 and could be range bound for some time.
Positive RSI sentiment and no divergence indicates FTSE 250 will resume uptrend. No strong resistance until around 20,048.
If FTSE 250 closes below 19K the Mid cap index has confirmed downtrend with potential down to around 18,250

UK250MID cfd levels: Range 19,545-19,050. Bearish breakout there is potential down to 18,542 and 18K. Bullish break out upside potemntial til to around 20,084


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