Technical Update - Could FTSE 100 reach all-time high? FTSE 250 range bound and needs direction

Technical Update - Could FTSE 100 reach all-time high? FTSE 250 range bound and needs direction

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

FTSE 100 hitting overhead resistance but could extend uptrend to all-time high

FTSE 250 range bound in triangle like pattern. Break out needed for direction

FTSE 100 keeps rising in a more and more narrow trend trading around resistance at 7,578. A close above paves the road to the all-time highs at 7,687 but a new highs is not unlikely.
There is currently no divergence on RSI indicating higher levels.

If FTSE 100 breaks below its lower rising trendline a correction could unfold taking the index down to around 7,400-7,300. 7,420 is key support

Source: Saxo Group

FTSE 250 is struggling to close above key resistance at around 19,616 and the 0.786 retracement of the August -October sell-off. The Index and seems to be stuck in a range between that resistance and 19,000 forming what appears to be a symmetrical triangle pattern. Break out direction from the triangle could indicate whether FTSE 250 will extend its uptrend to around 20,467 or drop back below medium term falling black trendline and back below 18,493
There is no divergence on RSI indicating breakout could be to the upside and if RSI closes above its falling trendline the uptrend is likely to resume for FTSE250

Source: Saxo Group

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