- Next support is currently 59.13 points away at 7,436.8
- The FTSE looks below 7,469 (21 day Simple Moving Average) as signpost for new negative trend
With around 10 days of flat trade under its belt, Pointing in a similar direction, today's session was more of the same — the FTSE recovered back to 7,496 after dipping down to 7,461.68, in a session that followed yesterday's 7,503 close value.
The index has been trending positively for about 2 months. Having set a significant high of 7,672.4 2 months ago, the FTSE is trading 9.91% lower.
FTSE made an initial break below its 21 day Simple Moving Average at 7,469, a possible indication of a forthcoming negative trend. The FTSE's upper Bollinger Band® is at 7,601, suggesting that a downward move may follow. Despite this, the FTSE is approaching key support, around 59.13 points away from 7,436.8. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests the FTSE is positioned for a downward move in the near term.
Fundamental indicators – United Kingdom Consumer Price Index released today at 07:00 UTC with a figure of 10.7%, while the previous figure was 11.1%.
While the FTSE was pretty flat today, mixed performances were seen elsewhere as notably, KOSPI Composite Index rose 1.13% today and closed at 2,372.4. Dow Jones is down to 33,800, losing 300 points, after ending the previous session around 34,100. ASX 200 rises 0.67% today and closed at 7,203.3.
Upcoming fundamentals: United Kingdom BoE Interest Rate Decision (Dec) is expected tomorrow at 12:00 UTC.