FTSE breaks below previous session low
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.
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.
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.
Market Conditions for FTSE 100 Index
|RSI(2) above 80||TQ Pro Members Only|
|Bullish Bounce off SMA 50||TQ Pro Members Only|
|Bullish Spinning Top||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
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