FX.co ★ Technical analysis of FTSE for March 19, 2014

The FTSE has been in a large volatile range from 6,500-6,900, moving 10% up and down every two months. Currently, it's declining with the lower end of 6,416. In the daily chart, the index is trading below the short-term moving averages. At yesterday's trading session, the index was closed above the 200 EMA level, which is a bull view, and RSI is showing buying sign which adds more fuel to the bull view. As a result, we can expect a pullback from the current levels. Currently, the index is in a range between 6,500 and 6,631, either side breakout will determine further move. On the upside, if the index trades above the level of 6,631, we will see 6,678, 6,718, and 6,694. After a day close above the level of 6,694, we can expect the bulls to be back. In the daily and hourly charts, RSI favors buy side.

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