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Bears taking control now with 7665 broken | 7523 7474 support | 7610 7650 resistance

#1 · 19th October 2023, 9:05 am

Technical analysis for FTSE 100 for 19th October 2023

The FTSE 100 closed down 1.14pc at 7,588.00, while the FTSE 250 midcap index ended 1.62pc lower at 17,403.46. It comes after house builders have suffered their worst day on the UK’s main stock markets in five months amid higher inflation and mortgage costs. Construction and building materials stocks sank by 1.91pc. Britain’s largest developer, Barratt Developments, shed 5.33pc after warning of an “uncertain” outlook.

It's like the perfect storm of pessimism on the news front coinciding with the mid October turn point for the decline... that has seen the FTSE100 break below the 7565 support level which opens up a test of the 7530 level next and a test of the daily coral line. We are also just dipping below the 10d Raff channel as I write this, which could allow the bulls to have an early kick up towards the daily pivot and the 30m 200ema at the 7610 level.