Why did the FTSE 100 index end in the red in the previous session? How is the index currently trading? Get insight on these from the 23 February FTSE 100 Technical Outlook.
23 February, ADS Securities – The FTSE 100 index ended in the red in the previous session, dragged down by weaker-than-expected corporate earnings results. Meanwhile, shares of BAE Systems dropped after it stated that it anticipates flat earnings guidance for 2018.
23 February FTSE 100 Technical Outlook
Currently, the index is trading with an upside bias on the 1H chart, reflecting on a positive technical picture. Also, the MACD indicator is slightly pointing upwards, further endorsing the above stance. Meanwhile, traders would eye the earnings report from Royal Bank of Scotland Group, International Consolidated Airlines Group, Standard Life Aberdeen and Pearson, due in few hours.
Key near-term resistance resides at the 7285 level, followed by the 7315 and 7345 levels. A surge above the latter might lead to bullishness in the index. Conversely, intraday support is seen at the 7225 level, followed by the 7190 and 7155 levels.
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