- Price action oscillating around key resistance at 7,932.56
- The FTSE made an initial breakout above its 3 day Simple Moving Average at 7,933.65, a potential indicator of a newly emerging bullish phase.
While in the midst of a 6 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing at 7,907.72 yesterday, the FTSE began today at 7,907.72 with significant bullish sentiment driving the FTSE's price action higher. So far today, price action has drawn out a distinct 7,907.69 to 7,938.34 range.
The index has been trending positively for about 2 months. 8 days ago the FTSE reached a significant high of 8,012.53 but has consequently lost 1.31% since then.
Visual analysis of the FTSE's chart shows that FTSE could be slowing down soon as it approaches resistance at 7,932.56. Of course, crossing it might suggest further gains are ahead. Trend-following investors would be interested to note that the FTSE made an initial breakout above its 3 day Simple Moving Average at 7,933.65, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that the FTSE's upper Bollinger Band® is at 8,057.6, this is a slight indication of a slowdown.
Overall, the technical outlook suggests the FTSE is likely to remain muted for the immediate future, with no clear-cut direction.
The FTSE shows positive signs, other assets are also on par: Nikkei improves 1.29% to trade around 27,453.
At the same time, Hang Seng descends 1.68% to trade around 20,000. KOSPI Composite Index retreats 0.63% to trade around 2,423.61.
Upcoming fundamentals: United Kingdom MPC Member Tenreyro speech scheduled to come out today at 16:30 UTC.