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You Must Know This Before Trading FTSE 100


The FTSE 100 closed up 2.58% or 156 points, at 6,061.61, as European equities opened generally higher following the advance in Asian shares, whilst the FTSE found additional support from Sainsbury as the supermarket group lifted its full-year profit outlook, surging 13.8%.

Mining-related shares extended their Tuesdays recovery, with Glencore adding 14% to the previous 17% and therefore erasing Monday’s decline, after the company issued a statement saying it was “financially robust,” as per forex calendar.

Technically, the daily chart shows that the technical indicators extended their recoveries, albeit are still in negative territory, whilst the index extended above the 23.6% retracement of its latest decline and is now a few points below a flat 20 SMA.

In the 4 hours chart, the index is above its 20 SMA that now converges with the mentioned Fibonacci level at 6,000, but the technical indicators maintain their neutral stance, heading nowhere around their mid-lines.

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