Technical Analyst, Saxo Bank Group
Summary: FTSE 100 bouncing off key support at 7,300 but index looks heavy
FTSE 250 in down trend testing medium-term falling trend and key support . A close below could fuel another sell-off
FTSE 100 is bouncing off support around 7,300. A close below 7,296 is likely to fuel another sell-off down to around the 0.618 retracement at 7,048. Some support at around 7,153.
RSI has not broken below 40 threshold i.e., still showing positive sentiment. A close below 40 will confirm downtrend for FTSE 100.
For FTSE to reverse the bearish picture a close above 7,554 is needed.
FTSE 250 is in a down trend testing the medium-term falling trend line and support at around 18,493.
A close below is likely to ignite a sell-off down to support at around 17,822 and the 0.618 retracement.
RSI has not broken below 40 threshold however i.e., still showing positive sentiment. A close below 40 will further confirm downtrend for FTSE 250.
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