ADS Securities market analysis team has explained that FTSE is strong if it breaks above 7370. What will move the FTSE 100 index today? Learn this from the 22 February FTSE 100 Technical Outlook.
22 February, ADS Securities – The FTSE 100 index traded higher in the last session, supported by gains in banking and mining sector stocks. Moreover, Glencore emerged as the top index gainer after it reported a four-fold rise in full-year net profit, while shares of Lloyds Banking Group surged as it declared a share buyback plan.
22 February FTSE 100 Technical Outlook
Currently, the index is trading with an upside bias on the 1H chart, ahead of the earnings report from Barclays, Anglo American, BAE Systems, Centrica and RSA Insurance Group, due in few hours. Also, a positive centreline crossover by the MACD indicator further validates the bullish stance.
Crucial resistance resides at the 7305 level, followed by the 7345 where EMA 200 is placed and 7370 levels. A surge above the latter might trigger further strength in the index. Conversely, key support exists at the 7250 level, followed by the 7220 and 7185 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.