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FTSE technical analysis - Index tanks 39 points to end at 7646

FTSE technical analysis - Index tanks 39 points to end at 7646

The FTSE 100 index lost 39 points to end at 7646 on Tuesday. The price edged slightly above its high at 7711 before trading lower.

July 31, 2019 | SQUARED DIRECT – The FTSE ended 0.52% lower on Tuesday at the back of trade pessimism and disappointing earnings. US-China trade relations were dented alongside market sentiment following President Trump’s attack on China in a series of tweets during the day.

Moreover, two of the FTSE’s members dragged the index lower as their share price fell due to negative corporate updates. In the UK, PM Johnson has requested to renegotiate Brexit terms with the EU and raises concerns over a no-deal Brexit.

With US-China relations and Brexit uncertainty lingering, a change of sentiment may lie in today’s FOMC meeting. Markets are widely expecting the FED to cut interest rates which would lift global equities.

FTSE technical analysis

The FTSE lost 39 points to end at 7646 on Tuesday. The price edged slightly above its high at 7711 before trading lower near the support at 7638. Failure to hold above this support level suggests a stall in bullish momentum and should lead the FTSE to test the support at 7620 followed by 7600. Alternately, a sustained move above 7675 should lead the index towards the resistance at 7711 followed by 7740.

Support: 7620/7600
Resistance: 7675/7711

Chart (H4)

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