- The FTSE is eyeing the 7,276.44 support level
- The FTSE's upper Bollinger Band® is at 7,348.36 which indicates a further downward move may follow.
Though in the midst of a 19 day uptrend, gaining a total of 6.94%, (508.64 points), Yesterday's session suggests run might be coming to an end — the FTSE slides down from 7,335 to 7,300, losing 35 points (0.48%) today.
Having set a significant high of 7,672.4 27 days ago, the FTSE is trading 7.45% lower.
Trend-following investors would be interested to note that despite being in the red so far in the current trading session, FTSE peaked above its 200 day Simple Moving Average around 7,335.62 — typically an early indicator of a new bullish trend beginning to emerge. Yesterday's price action generated a Japanese candlestick pattern showing 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Asset volatility analysis shows that the FTSE's upper Bollinger Band® is at 7,348.36 which indicates a further downward move may follow. The FTSE chart analysis: the FTSE could begin to recover as it approaches significant support, now 23.55 points away from 7,276.44. Dipping below could be an indication that further losses are ahead.
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) released today at 00:01 UTC with a figure of 1.2, while the previous figure was 1.8.
Other assets are showing positive performances as Dow Jones went up by 1.31% yesterday, and closed at 32,827. Notably, Nikkei rose 1.12% yesterday and closed at 27,528. S&P 500 went up by 0.96% yesterday, and closed at 3,806.8.
Upcoming fundamentals: United Kingdom MPC Member Haskel speech is scheduled for tomorrow at 13:00 UTC.