FTSE 100 started the week 0.34% lower at 7,298.63 as investors await the EU decision on a Brexit extension and a Parliament vote on a general election plan for December 12. Labour Party members said they would only support PM Johnson’s general election if he rules out the possibility of a no-deal scenario. EU country members will decide whether to grant the UK a three-month Brexit extension. France which opposing the extension, now said to have agreed to a three-month extension.
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FTSE 100 Resistance and Support Levels
On the technical side, FTSE 100 hovers close to three wee highs after the rebound from seven-week lows on Brexit deaL news and high volatility in GBPUSD. The index formed a death cross on October 10th as the 50-day moving average crossed below the 200-day MA giving a bearish signal for FTSE.
On the downside, first support stands at 7,293 today’s low, while a break below will open the way for a test of 7,275 the 200-day moving average low. Below this support line, the next support comes in at 7.150 the low from October 22. On the upside FTSE 100 facing the resistance at 7,328 daily top and then at 7.337 the 100-day moving average, a close above could open the way for a move up to 7,440 the September highs.