- Next support is currently 44.38 points away at 7,879.67
- The FTSE made an initial breakout above its 10 day Simple Moving Average at 7,917, a potential indicator of a newly emerging bullish phase.
It's been more of the same this session on the back of 14 days of flat trade, Today's session so far looks to be heading in a similar way — after dropping down to 7,891.42, the FTSE recovers some losses and is currently trading at 7,924.
The index has been trending positively for about 2 months. The FTSE hit a significant low of 6,826.2 around 4 months ago, but has since recovered 16%.
Support/Resistance levels obtained from chart analysis indicate that FTSE is approaching key support, around 44.38 points away from 7,879.67. 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. Trend and momentum analysis indicates that the FTSE made an initial breakout above its 10 day Simple Moving Average at 7,917, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that the FTSE's upper Bollinger Band® is at 8,021.53, suggesting that a downward move may follow.
The current technical outlook indicates the FTSE will continue to ebb sideways within tight ranges for the immediate future.
Fundamental indicators – United Kingdom Mortgage Rate (GBP) (Feb) released yesterday at 10:30 UTC with a figure of 7.02, while the previous figure was 6.66.
While the FTSE is pretty flat so far today, mixed performances are seen elsewhere as Dow Jones is down to 32,856, losing 575 points, after closing at 33,431 in the preceding trading session. Hang Seng drops 2.35% to trade around 20,051. KOSPI Composite Index is down 31.35 points from the beginning of the session and now trades around 2,432.
Upcoming fundamentals: United Kingdom RICS House Price Balance (Feb) is scheduled for tomorrow at 00:01 UTC.