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UK FTSE 100 - Key Levels To Watch For 29th Sept 2009

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UK FTSE 100 - Key Levels To Watch For 29th Sept 2009

Fundamentals 

The UK FTSE 100 registered a very impressive move yesterday, primarily led by its neighbour the German DAX which saw utility providers being the best performers in the wake of business friendly election results.

On the economic front today, UK GDP, current account and consumer credit data are scheduled for release at 9:30am, along with mortgage lending and mortgage approvals numbers.

The CBI Distributive Trades Survey is due for publication at 11:00am.

Trading statements are expected from Compass Group, Dairy Crest Group, Daily Mail & General Trust and TUI Travel 


Technical Outlook 

The hourly chart of the FTSE 100 clearly shows a break out of a series of lower lows and lower highs from the high of 5190 on the 22nd September 2009, the downward sloping trend line depicts this. The red trend line which was previously resistance has now become a support line. 

The FTSE 100 has retraced more than the popular Fibonacci ratio of 61.8% from the high of 5190 and the low of 5048, a very bullish sign. 

Can we trade above the previous high of 5190?


Support levels are; 

5152, 5144, 5140, 5134 

Resistance Levels are;

5174, 5190 

Fibonacci retracement levels from from yesterdays rally are;

23.6%  =  5142

38.2% = 5124

 

 

 

 

 


 

 

 

 

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