Yesterday, all of the FTSE 100 sectors ended lower, but the Basic Materials and Energy Sectors took the biggest hits as a hawkish Federal Reserve on Wednesday sent crude oil and metal prices lower. Today, crude oil prices have recuperated most of the losses inflicted on them over the last two days, and the same is true for metals such as copper.

With a boost to commodities, the FTSE 100 (CFD: UK100) has managed to gap higher today and the move higher means that the 6054-6195 range remains intact; the range has kept the price in check over the last few weeks. However, at one point in yesterday’s session, price was below the lower end of the range (May 6 low of 6054), but the negative momentum was not strong enough and the bullish traders managed to regain control of price. As price is trapped within a range and therefore lacking a strong trend, the FTSE 100 may continue to tread water until a break to the above-mentioned range occurs. The upper end of this range is the May 12 high of 6195.

Resistance levels above 6195 are the May 17 high of 6217, the May 3 high of 6283, and the April 27 high of 6341. The nearest support level is the May 6 low of 6053 and below it, the March 10 low of 6006 representing the next support level. The difference between yesterday’s low of 6049 and the May 6 low of 6053 is so low that we ignore the 6049 low and see it as a part of the 6054-6195 range.

FTSE 100 | CFD: UK100

Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

Today, the European economic docket is empty of market moving events. In the afternoon, Existing Home Sales is on deck, as well as a speech by Fed Governor Daniel K. Tarullo at the National Association of Insurance Commissioners.

Finance leaders of the G7 advanced economies are also meeting over the weekend.