• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

FTSE 100 Technical Outlook – Consolidating for a Run at Best Levels Since March

Forex Tips by Forex Tips
November 24, 2020
in Technical Analysis
0
FTSE 100 Technical Outlook – Needs to Break the Range, Lagging Other Markets
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


FTSE Technical Highlights:

  • FTSE consolidating recent gains quite well
  • Poised to run to best levels since March
  • 2018 low/June high lie just ahead

The FTSE 100 has been consolidating its big run from the first half of the month, looking poised to add to those gains in the sessions ahead. The base isn’t the biggest given the extent of the run, but nevertheless it is a bullish development that should bring an important test of resistance into play.

The 6530-area could prove to be a formidable spot for the FTSE to break on through. The June high was carved out just ahead of the 2018 low, when stocks bottomed at the very end of that year following a big swoon. We also saw a very short-term bounce in March develop from this same area. Indeed, the 6530 area is a spot to watch.

How price action plays out at that juncture, assuming it reaches it, will be important for the near-term at the least. If a break into resistance results in a rejection, then perhaps we will see a larger retracement unfold.

A break on through to the other side doesn’t necessarily mean momentum will pick up, but it will have higher levels in focus as material resistance isn’t readily found until near the 7k mark where a couple of lows formed last year.

All-in-all, the FTSE appears ready to rise some more, but how it responds to a big longer-term test will be important to pay attention to. Shorts don’t much appeal at this time; however, a turn from around resistance could provide a decent risk/reward set-up for would-be sellers.

Equities Forecast

Equities Forecast

Recommended by Paul Robinson

Check out the Q4 Equities Forecast

FTSE Daily Chart (short-term consolidation)

ftse 100 daily chart

UK 100 Index Chart by Tradingview

Tools for Forex Traders

Whether you are a beginning or experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX





Source link

Share76Tweet47

Related Posts

Trying to Hold Top of Important Long-term Structure

S&P 500, DAX 30 & FTSE Technical Forecast for Next Week

by Forex Tips
January 16, 2021
0

Indices Technical Outlook:S&P 500 trending higher in channel formationDAX price action putting support to the testFTSE could be in...

Euro Perched at Key Support as US Dollar Looks to Make a Comeback

Will EUR/USD, EUR/AUD Weakness Last?

by Forex Tips
January 16, 2021
0

EURO WEEKLY TECHNICAL FORECAST: NEUTRAL The Euro has weakened broadly over the last few trading sessions. In fact, recent...

Gold Price & Silver May be Weak Near-term, but Remain Long-term Bullish

by Forex Tips
January 16, 2021
0

Gold/Silver Technical HighlightsGold price may continue to sag in the near-termLong-term charts show a healthy correction in bull marketSilver...

XAU/USD May Rise as 200-MA Holds Firm

by Forex Tips
January 15, 2021
0

Gold Price Technical Forecast: BullishThe formation of a 10-year Cup and Handle pattern suggests that the long-term outlook for...

Euro subdued ahead of ECB Minutes

Deeper Setbacks Take Foot in EUR/JPY, EUR/USD Rates

by Forex Tips
January 15, 2021
0

Euro Forecast Overview:The Italian government is on the verge of failing, while the Dutch government collapsed two months prior...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.