GO
Loading...

Charts: One Week Doesn't Make a Bottom

The FTSE 100 index's 3,750 close last week was "quite exciting," according to Nick Batsford, technical analyst at Hobart Capital, said Monday. "People are almost turning bullish," he added.

"We hit 3,475 which is a massive down level in recent sessions, and it held," Batsford said.

But he said he is not "absolutely convinced" that the UK index has hit a bottom yet.

"There's just nothing to tell us we've found a bottom yet," he told CNBC.

"People are looking to sell the rallies. For me, we really need to get above 3,850, which is the 21-day exponential moving average," Batsford said.

After the S&P 500 index hit a low of 666, it had a "technical rebound" and held a massive "sell" signal in the 800-820 area, according to Batsford.

On Monday, London's FTSE 100 index was up over 2 percent, while futures indicated a positive open for the S&P 500 index.

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Europe Video

  • Andy Newland, managing director at Tony Fresko, explains how the use of new technology is helping move this ice cream truck company from a "paper-based business" to a "21st century" business.

  • Jonny Forsyth, global drinks analyst at Mintel, comments on Heineken and Carlsberg's earnings, and says Carlsberg is now suffering from its heavy exposure to Russia.

  • DeAnne Julius, chairman at Chatham House and Karen Ward, senior global economist at HSBC, discuss the dissent within the Bank of England regarding the timing of an interest rate hike.