- Key support at 7,262.77 holds firm despite apparent early break
- Bollinger analysis indicates upper Band® is at 7,373.2
While the FTSE is on a 20 day bullish trend, Today's session put the brakes on the ongoing uptrend — the FTSE recovered back to 7,296.25 after dipping down to 7,263.46, in a session that followed yesterday's 7,306 close value.
Having set a significant high of 7,672.4 28 days ago, the FTSE is trading 7.03% lower.
The FTSE's notable support and resistance levels: FTSE reversed direction at 7,262.77 support zone and climbed 33.48 points above it. Concerning technical analysis and more specifically, trend indicators, the FTSE made an initial breakout above its 3 day Simple Moving Average at 7,313.65, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that the FTSE's upper Bollinger Band® is at 7,373.2, suggesting that a downward move may follow.
Overall, while the FTSE has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – United Kingdom BRC Retail Sales Monitor (YoY) (Oct) came out at 1.2, while a consensus of analysts was expecting 1.5.
While the FTSE was pretty flat today, mixed performances were seen elsewhere as Dow Jones is down to 32,635, losing 525.78 points, after ending the previous session around 33,161. After ending today's session at 3,828, S&P 500 lost 64 points and is trading around 3,764. Nasdaq is down to 10,400, losing 216.2 points, after ending the previous session around 10,616.
Upcoming fundamentals: United Kingdom RICS House Price Balance (Oct) scheduled to come out tomorrow at 00:01 UTC.