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FTSE breaks below previous session low

Technical Analysis Report for FTSE - Mar 13, 2018 [1 min read]
FTSE crashes, loses £76.02 (-1.05%) within a single day
FTSE breaks key support level
FTSE dominated by bears dragging the market lower throughout the day
FTSE closes lower for the 2nd day in a row
FTSE ends the day on a bearish note closing near the low of the day
TQ Sentiment
Technical Forecast:

Moving lower for the 2nd day in a row, FTSE finished Tuesday at 7138.78 tanking £76.02 (-1.05%). This is the biggest single day loss in over a week. Today's closing price of 7138.78 marks the lowest close since March 5th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Monday's low at 7198.20, the stock index confirms its breakout through the previous session's low having traded £72.60 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for FTSE

Tuesday's trading range was £98.53 (1.37%), that's far above last trading month's daily average range of £70.44. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.


Breaking below the key support level at 7187.80 today, it is now likely to act as resistance going forward.


The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 7109.60 where further sell stops might get triggered.


Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a very bearish sentiment.

Report Market Conditions
Price broke through Technical Support S1 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Decisive Down Move TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Find out what happened when FTSE 100 Index traded like this in the past. See the odds for each technical pattern with expected gain and loss.


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