- 7,543 is the FTSE's highest rate in 3 months.
- The FTSE could slow down as it approaches resistance at 7,545.4
The FTSE is on a month bullish run gaining 647.82 points (10.05%). Yesterday's session pointed in the same direction — the FTSE went up to 7,512 yesterday, gaining 0.51%.
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 9.49% since.
Trend-following investors would be interested to note that investors are seeking long positions as FTSE price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, the Relative Strength Index indicates the FTSE is currently 'overbought' which suggests new gains will be harder to obtain. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at 7,551.36, thereby suggesting that the FTSE is becoming overvalued. A study of the FTSE's chart reveals various key levels to watch: the FTSE could be slowing down soon as it approaches resistance at 7,545.4. Of course, crossing it might suggest further gains are ahead.
Notwithstanding the FTSE's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as KOSPI Composite Index is trading around 2,472.53 after ending yesterday's session at 2,433.39 (up 1.61% today). Hang Seng is trading around 18,583 after ending yesterday's session at 18,200 (up 2.08% today). ASX 200 goes up 0.43% yesterday and closed at 7,253.3.
Upcoming fundamentals: United Kingdom Manufacturing PMI is expected tomorrow at 09:30 UTC.