- 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.