Traders officially love to sell FTSE against 7265.83 level
FTSE 100 Index (FTSE) Technical Analysis Report for Apr 16, 2018
FTSE ended Monday at 7198.20 losing £66.40 (-0.91%). Today's closing price of 7198.20 marks the lowest close since April 9th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 7249.10, FTSE 100 confirms its breakout through the previous session's low having traded £53.64 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Monday's trading range was £70.37 (0.97%), that's slightly below last trading month's daily average range of £77.58. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.
After trading as low as 7195.46 during the day, the stock index bounced off the key support level at 7197.80. The failure to close below the support could increase that levels importance as support going forward. The market was sold again around 7265.83 after having seen highs at 7275.00, 7266.60 and 7270.30 in the last three trading sessions. Obviously there is something going on at that level.
Although the index is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.
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