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FTSE technical analysis - Will the index drift lower below 7315?

FTSE technical analysis - Will the index drift lower below 7315?

June 18, 2019, | SQUARED DIRECT – The FTSE traded 0.16% higher to end at 7357 on Monday as a declining pound due to hard Brexit concerns helped keep the Index afloat. On geopolitical risks, the probability of a no deal Brexit, tensions in the Middle East following the oil tanker attack combined with US-China trade tensions dents the global outlook and leaves markets in a cautious stance. Meanwhile, the FTSE alongside global markets await the outcome of tomorrow’s FOMC meeting to exit range-bound price action and determine direction.

FTSE technical analysis

The FTSE traded below the 7370 level on Monday as it was unable to push above the resistance level to target the higher resistance at 7420. The price would have to edge above the 7370 level to indicate buying pressure and lead the FTSE higher with a break above 7420 required to signal the continuation of the uptrend. Failure to push above the 7370 level would leave price drifting lower with a decline below 7315 required to target the lower support at 7280.

Support: 7330/7280
Resistance: 7370/7420

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