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Trading Signals

Bullish momentum leaves the FTSE flirting with resistance at 7,888

14 April 2023

^FTSE

The FTSE hasn't traded above 7,904 for 5 weeks.
Price action oscillating around key resistance at 7,888

The FTSE is on a 3 day uptrend, gaining a total of 4.24%. Today's session pointed in the same direction — the FTSE closed today at 7,872 (with a daily low of 7,843.38) after ending yesterday at 7,843.38 and gaining 0.36%.

The index has been trending lower for about a month. The FTSE hit a significant low of 6,826.2 around 6 months ago, but has since recovered 14.9%.

FTSE made an initial breakout above its 21 day Simple Moving Average at 7,891, a potential indicator of a newly emerging bullish phase.

Overall, looking at the technical analysis landscape, it seems the FTSE might continue pointing upwards in the short term.

Fundamental indicators – United Kingdom Monthly GDP 3M/3M Change (Feb) released yesterday at 06:00 UTC with a figure of 0.1, while the previous figure was zero.

The FTSE shows positive signs, other assets are also on par: Nikkei added 1.2% and closed around 28,157 today. ASX 200 climbs 0.51% today and closed at 7,324.

At the same time, Dow Jones is down to 33,834, losing 196.04 points, after ending the previous session around 34,030.

Upcoming fundamentals: United Kingdom CFTC GBP speculative net positions scheduled to come out today at 20:30 UTC.

Market Summary

Latest Indices News

View All

Key support level at 7,765.32 looms for downtrending the FTSE; currently 62.68 points away

The STOXX Europe 50 Index hones in on key resistance at 4,360

CAC moves 0.02% to close at 7,434.37 Friday.

Intraday brief: 3 indices of the day

Closing Bell | Mixed technical outlook for the DAX despite basking in bullish intraday sentiment

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