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FTSE unable to breakout higher, Talk about Hard Brexit has shifted the sentiment

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The Index is finding it difficult to break higher despite the bullish trend from earlier this year playing out strongly. Resistance for the daily chart comes in at yesterday’s high at 7740.00 and we are already close to 100 pips lower from there. The Blue trend lines represent an alternative view on the Index where a bearish rising wedge is being formed as price struggles with 7700.00. A loss of 7593.00 would see a drop towards a target of 7425.00. The swing low at 7490.00 would provide an interesting area to engage with. Resistance is strong at 7800.00 with a break above here cementing a retest of 7900.00 with a move to 8000.00 likely to follow. However this view is trapping bulls over the past month and while we create higher lows the picture remains neutral, the creation of a lower low can hand control to bears. Talk of preparations for a hard Brexit has shifted sentiment towards a more bearish outlook as a No-Deal Brexit would impose WTO rules on trade.

 

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