FTSE Begins the New Week with No Change

FTSE100_outlook

The FTSE 100 shed 19 points and closed the day at 6,356.09, ending the day unchanged, and the month a handful of points higher.

This Monday, trading was choppy around the London benchmark, with mining-related shares recovering some ground, but banks slipping ahead of the BOE’s stress-test results due this Tuesday.

From a technical point of view, the index continues showing no actual progress, with the index stuck around a bearish 100 DMA and the technical indicators turning lower around their mid-lines in the daily chart. Shorter term, the 4 hours chart shows that the index retreated towards its 20 SMA that maintains a limited upward tone, while the technical indicators have turned lower, and are about to cross their mid-lines.

Should the index extend its decline below 6,346, the immediate support, further slides should be expected towards 6,265 the 50% retracement on the early November fall.

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