- Price action backs away from resistance at 7,019.4 despite bullish mood
- The FTSE made an initial breakout above its 21 day Simple Moving Average at 6,998.47, a potential indicator of a newly emerging bullish phase.
The FTSE continues a 4 day surge, reaping a total of 2.41%. Consistent for now — the FTSE trades at 6,991 after gaining 70.76 points (1.02%).
The FTSE has recovered 1.38% since descending to a significant low of 6,826.2 around 6 days ago.
FTSE made an initial breakout above its 21 day Simple Moving Average at 6,998.47, a potential indicator of a newly emerging bullish phase. Despite this, although the FTSE is appreciating today after rising as high as 7,012.58, price action is now slowing and consolidating around 28.4 points below the 7,019.4 resistance level.
Overall, looking at the technical analysis landscape, it seems the FTSE might continue pointing upwards in the short term.
Other markets are also showing gains as S&P 500 rallies 2.65% to trade around 3,678. Having closed the previous session at 6,664.4, ASX 200 is up 1.72% today to currently trade at around 6,779.2. Nasdaq is up 3.43%.
Upcoming fundamentals: United Kingdom Consumer Price Index figure is projected at 10%. It previously stood at 9.9%; data will be released tomorrow at 06:00 UTC.