Technical Analyst, Saxo Bank Group
Summary: FTSE 100 broken below key support. FTSE 250 unfolding Shoulder-Head-Shoulder reversal pattern
UK100 and UK250MID cfd levels.
FTSE 100 has broken support at 7,850 this morning trading below 55 daily Moving Average and is set for a test of key support 7,708.
A close below 7,700 next strong support is at around 7,451 just around the 200 daily Moving Average. RSI is at the time of writing below 40 thus in negative sentiment. If closing below 40 down trend is further confirmed indicating lower levels for FTSE 100
To reversed this bearish picture at close above 7,975 is needed.
FTSE 250 Shoulder-Head-Shoulder is unfolding after breaking below the Neckline. Followed by a break below support at 19,317. There is SHS downside potential to around 18,500 illustrated by the vertical arrows.
RSI is at the time of writing below 40 thus in negative sentiment. If closing below 40 down trend is further confirmed indicating lower levels for FTSE 100
To reverse this bearish picture a close above 20,123 is needed.
UK250MID cfd: Similar picture. . Finding support at the 100 daily Moving Average but downside potential to 18,468. To reverse the this bearish scenario a close above 20,093.
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