Wednesday, November 4, 2015

FTSE technicals remain neutral ahead of BoE super Thursday - FXStreet

FXStreet (Córdoba) - The London benchmark managed to advance 21 points or 0.34%, ending the day at 6,383.61, maintaining its latest range. The FTSE 100 closed the day marginally higher as energy-related stocks rallied on oil's advance, but Standard Chartered dropped 6.7% saying it will raise 3.3 billion pounds in a rights offer while posting a surprise loss.

FTSE hovers around Fibo level

“From a technical point of view, the index continues lacking progress, still hovering around the 61.8% retracement of its latest daily decline, and with the daily indicators holding ground above their mid-lines, but showing no actual strength”, said Valeria Bednarik. “In the 4 hours chart, the technical continue hovering around their mid-lines, whilst the 20 SMA has turned flat around the mentioned Fibonacci level around 6,380. Local investors may get some clues from the BOE's economic policy decision next Thursday, but unless it breaks above 6,490, the upside will remain limited”.

Support levels: 6,380 6,330 6,270. Resistance levels: 6,445 6,490 6,550.
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