back
Details Cookies
Hong Kong S.A.R
Cookie policy

This website uses cookies to offer you a better browsing experience by enabling, optimising and analysing site operations, as well as to provide personalised ad content and allow you to connect to social media. By choosing “Accept all” you consent to the use of cookies and the related processing of personal data. Select “Manage consent” to manage your consent preferences. You can change your preferences or retract your consent at any time via the cookie policy page. Please view our cookie policy here and our privacy policy here

Technical Update - FTSE100/UK100 & FTSE250/UK250MID Technical Update - FTSE100/UK100 & FTSE250/UK250MID Technical Update - FTSE100/UK100 & FTSE250/UK250MID

Technical Update - FTSE100/UK100 & FTSE250/UK250MID

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  FTSE 100 and FTSE 250 Mid-Cap Indices holding on above key supports. FTSE 250 Shoulder-Head-Shoulder top and reversal pattern on the verge of being confirmed.
UK100 cfd and UK25MID cfd levels


FTSE 100 has broken sideways out of its rising channel/wedge like pattern and is still holding on above 7,850 minor support. A break below is likely to fuel a swift sell-off down to stronger support at around 7,700. 7,700 is key support. A close below There is no strong support until around 7,450.
If FTSE 100 closes back above the lower rising trendline new highs should be expected.
Divergence on RSI for weeks indicates lower levels for FTSE 100. But if RSI closes back above 60 threshold it would support another push higher on the Index. 
Source all data and charts: Saxo Group

UK100 cfd reached the 2.00 projection of the January correction at 8,045 forming Doji candle. The UK100 cfd seems ripe for a correction having shown divergence on RSI for weeks but RSI is still showing positive sentiment.
If UK100 breaks below support at 7,848 a swift move to next support at around 7,700 should be expected.
If UK100 closes back above lower rising trendline new highs are likely.

FTSE 250 seems stuck between 19,938 and 19,574. The latter is the Neckline in what could be a Shoulder-Head-Shoulder pattern. The SHS pattern is confirmed if FTSE 250 closes below the Neckline support at 19,574. If that occurs there is potential down to strong support at around 18,450, illustrated by the two vertical arrows.
To demolish this SHS pattern a close above right shoulder i.e., above 20,324. If that scenario plays out FTSE 250 is likely to take out February peak at 20,615.

UK250MID cfd levels: Range bound 20,000-19,529 (Neckline) Break below Neckline paves the way towards 19,500. To demolish this SHS pattern a close above right shoulder i.e., above 20,278. If that scenario plays out UK250MID is likely to take out February peak at 20,582.

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-hk/legal/disclaimer/saxo-disclaimer)

Saxo Capital Markets HK Limited
19th Floor
Shanghai Commercial Bank Tower
12 Queen’s Road Central
Hong Kong

Contact Saxo

Select region

Hong Kong S.A.R
Hong Kong S.A.R

Saxo Capital Markets HK is a company authorised and regulated by the Securities and Futures Commission of Hong Kong. Saxo Capital Markets HK Limited holds a Type 1 Regulated Activity (Dealing in securities); Type 2 Regulated Activity (Dealing in Futures Contract); Type 3 Regulated Activity (Leveraged foreign exchange trading); Type 4 Regulated Activity (Advising on securities) and Type 9 Regulated Activity (Asset Management) licenses (CE No. AVD061). Registered address: 19th Floor, Shanghai Commercial Bank Tower, 12 Queen’s Road Central, Hong Kong

By clicking on certain links on this site, you are aware and agree to leave the website of Saxo Capital Markets, proceed on to the linked site managed by Saxo Group and where you will be subject to the terms of that linked site.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc.

Please note that the information on this site and any product and services we offer are not targeted at investors residing in the United States and Japan, and are not intended for distribution to, or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. Please click here to view our full disclaimer.