After being dragged down by losses in mining sector stocks, What does the 1 March FTSE 100 Technical Outlook reveal about the current trading condition of the index?
1 March, ADS Securities – The FTSE 100 index closed in the red in the previous session, dragged down by losses in mining sector stocks. Moreover, shares of ITV Plc emerged as the top index loser after it reported a decline in its full-year profits, led by the slump in TV advertising revenues.
1 March FTSE 100 Technical Outlook
At present, the index is trading with a weak bias on the 1H chart, ahead of the earnings report from WPP Plc, Schroders Plc, EVRAZ Plc and Rentokil Initial Plc, due in few hours. Also, a negative centreline crossover by the MACD indicator further validates the above stance.
Immediate support is located at the 7200 level, followed by the 7175 and 7140 levels. If the latter fails to hold, it might generate further negativity in the index. Conversely, intraday resistance exists at the 7265 level, followed by the 7295 and 7330 levels.
ADS Securities Risk Disclaimer
This article was provided by ADS Securities analysts.
Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.
All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.