FTSE 100 technical analysis

ADS Securities market analysis team shared its 2 March FTSE 100 technical analysis. What will move the FTSE 100 index today?

2 March, ADS Securities – The FTSE 100 index ended in the negative territory in the previous session, weighed down by downbeat financial outlook from Rentokil Initial Plc and WPP Plc. Moreover, shares of easyJet Plc and Rio Tinto Plc declined after both the companies went ex-dividend.

2 March FTSE 100 technical analysis

Currently, the index is trading with a downside bias on the 1H chart, ahead of the earnings report from London Stock Exchange Group Plc, due in few hours. Moreover, the MACD indicator is tranquil in its negative territory, further validating the bearish stance. Intraday support is positioned at the 7140 level, followed by the 7110 and 7070 levels.

A breach below the latter might lead to further bearishness in the index. On the contrary, key resistance resides at the 7200 level, followed by the 7235 and 7270 levels. A break above the latter might trigger positivity in the index.

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