Technical Analyst, Saxo Bank Group
Summary: FTSE 100 and FTSE 250 Mid Cap Indices are range bound. Jury's still out for break out direction
FTSE 100 is range bound between 7,700 and 7,800. RSI is showing positive sentiment indicating break out is likely to be to the upside where there will be room up to around 7,947.
Downside break out; there is support at around 7,631 and 7,485 and around 7,405. 200 daily Moving Average will offer some support.
FTSE 250 seems caught in a tighter and tighter range between 19K and 19,500, essentially caught between 200 and 100 Moving Averages. Break out is needed for direction.
If FTSE 250 closes above its very short-term falling trendline breakout of the range is likely to be to the upside with potential to 20K-20,100.
A close below 19,000 could lead to a sell-off down to 18,400-18,000.
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