FTSE breaks below previous session low
FTSE 100 Index (FTSE) Technical Analysis Report for Mar 13, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (FTSE as at Mar 13, 2018):
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.
Selling could accelerate should prices move below the nearby swing low at 7109.60 where further sell stops might get triggered.
With two out of the other two Major European Indices closing lower today, the ones that stand out on the negative side are DAX losing -1.59% and CAC closing -0.64% lower. None of the markets managed to end the day in the green. Read more