- 15.55 points is the FTSE's largest daily jump in 4 weeks.
- Market bulls strengthened by lower Bollinger Band® currently at 7,633.17
The FTSE trades at 7,650 after gaining 15.48 points (0.2%).
The index has been trending lower for about a month. Over the past a month, the FTSE has retreated 4.72% from a noteworthy peak of 8,012.53.
The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control. The FTSE's lower Bollinger Band® is at 7,633.17, indicating that the market is oversold and fertile for new buyers. Despite this, the FTSE could be slowing down soon; it is getting close to the resistance line and is now at 7,701.36, only 51.29 points away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems the FTSE likely to continue pointing upward in the short term.
Fundamental indicators – United Kingdom Services PMI came out at 52.9, while a consensus of analysts was expecting 52.8.
At the same time, Nikkei falls 1.68% to trade around 27,800. Dow Jones withdraws 0.59% to trade around 33,400. S&P 500 slumps 0.58% to trade around 4,100.6.
Upcoming fundamentals: projections for United Kingdom Construction PMI are set for a continuation of decline with 53.5 while previous data was 54.6; data will be released tomorrow at 08:30 UTC.