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Could 7390 be the low | 7400 7373 support | 7480 7500 7537 resistance

#1 · 5th October 2023, 8:55 am

Technical analysis for FTSE 100 for 5th October 2023

The FTSE 100’s slump deepened yesterday as oil giants were hit by the bond market sell-off. The UK’s blue-chip index, which is heavily weighted toward energy, fell more than 1.15pc in afternoon trading, while the midcap FTSE 250 tumbled as much as 1.38pc today.

The FTSE 100 was dragged down by heavy falls in oil majors Shell and BP, which were down 2.2pc and 3.3pc respectively amid falling oil prices. The internationally-focused index narrowed its losses at the last minute, closing 0.77pc lower at 7,412.45. The FTSE 250 ended down 1.05pc at 17,492.90.

However, having tested the 7390 level we may well see bounce today.

Asian shares rebounded from 11-month lows on Thursday as a plunge in oil prices and softer U.S. labour data helped pull Treasury yields off 16-year peaks, although a looming U.S. payrolls report could make or break the rally.