FTSE 100 Cash

TVC:UKX   UK 100 Index
This market is still in a technical uptrend although signs are beginning to emerge that we may be falling off, but the confirmation will come if the 6700 level is broken to the downside. In terms of indicators the RSI has moved into bearish territory but is producing a bullish failure swing. On the monthly timeframe the candlestick action is very bearish but despite this the daily chart is showing signs of exhaustion (which means we may see a retracement). In terms of fundamentals today we saw a court ruling that MP's will have a say on invoking article 50 before it is triggered which was bullish for GBP but bearish for large caps like GSK and mining names, this is due to their profits being denominated in USD. Importers like Dixons Charphone and companies that need a stong GBP i.e. Ryanair this was positive but these companies make up much less of the FTSE100.

R2 7098
R1 6940
Current 6809
S1 6780
S2 6704
S3 Downward internal trendline starting 15th Aug

Kind regards

Rajan Dhall MSTA

Related Ideas