FTSE Chart Analysis – Watching Short-term Price Action for Next Move

FTSE Technical Highlights:

  • FTSE stabilizing, but can it continue?
  • Short-term price action to determine next move
  • Broader trend, bias still negative even on bullish outcome

Looking for forecasts, long-term trade ideas, and educational content? We got you covered. Check out the DailyFX Trading Guides page for details.

FTSE stabilizing, but can it continue?

The bounce off the lows hasn’t been as fierce as in other global markets, namely the U.S. But that isn’t all that surprising given the relative strength difference that has been going on for most the year. The FTSE and other European indices have been broadly weak, and while this is expected to continue in the intermediate-term, the near-term outlook could brighten up a little.

In yesterday’s indices/commodities webinar, we looked at the inverse head-and-shoulders pattern forming on the hourly time-frame for not only the FTSE, but also the DAX and CAC. The latter two indices have better defined patterns but the FTSE could still lift from the formation all the same.

The caveat is a) There is resistance right in the vicinity of the neckline and b.) Bigger resistance lies just beyond a break of the neckline. So

Article source: https://www.dailyfx.com/forex/technical/home/analysis/uk100/2018/11/08/FTSE-Chart-Analysis-Short-term-Price-Action-to-Determine-Next-Move-PRtech.html