- The FTSE is eyeing 7,863.72 as its nearest support level
- The FTSE made an initial breakout above its 21 day Simple Moving Average at 7,881.72, a potential indicator of a newly emerging bullish phase.
While the FTSE is on a 5 day uptrend Today's session put the brakes on the ongoing uptrend — the FTSE recovered back to 7,898.77 after dipping down to 7,871.43, in a session that followed yesterday's 7,909.44 close value.
The index has been trending positively for about a month. 6 months ago, the FTSE fell to a low of 6,826.2 but has since recovered 15.87%.
FTSE made an initial breakout above its 21 day Simple Moving Average at 7,881.72, a potential indicator of a newly emerging bullish phase. The FTSE is approaching key support, around 35.05 points away from 7,863.72. 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 muted price action in the FTSE, chart analysis indicates it is positioned for a bullish run in the short term.
Fundamental indicators – United Kingdom Consumer Price Index released today at 06:00 UTC with a figure of 10.1%, while the previous figure was 10.4%.
While the FTSE was pretty flat today, mixed performances were seen elsewhere as Hang Seng goes down 1.37% today and closed at 20,651. Dow Jones lost 0.21% today and closed at 33,977.
