- Next support is currently 61.22 points away at 7,330.6
- Bollinger analysis indicates upper Band® is at 7,478.82
Stable at 7,391.82 and still trending upwards, Today's session might suggest a slow down — the FTSE is now trading at 7,391.82 after tracing out a steady 7,374.28 – 7,398.68 range today.
The index has been trending positively for about a month. After hitting an important low of 6,826.2 approximately a month ago, the FTSE has bounced back 8.19% since.
The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. The FTSE's upper Bollinger Band® is at 7,478.82, suggesting that a downward move may follow. On the other hand, note that the FTSE is approaching key support, around 61.22 points away from 7,330.6. 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.
According to technical indicators, the FTSE is positioned for a downward move in the short term.
Fundamental indicators – United Kingdom Claimant Count Change (Oct) released today at 07:00 UTC with a figure of 3,300, while the previous figure was 3,900.
Upcoming fundamentals: United Kingdom Consumer Price Index figure is projected at 10.7%. It previously stood at 10.1%; data will be released tomorrow at 07:00 UTC.