- 7,221.32 is the FTSE's highest rate in 5 weeks.
- Upper Bollinger Band® currently at 7,183.5
The FTSE is on a 15 day bullish run gaining 268.33 points (5.27%). On-trend the FTSE closed the session yesterday with more of the same: after finishing Monday at 7,094.53, the FTSE went up to 7,221.32 before paring its losses and closing at 7,186.
Having set a significant high of 7,672.4 21 days ago, the FTSE is trading 3.93% lower.
FTSE could be slowing down soon; it is getting close to the resistance line and is now at 7,240, only 54 points away. Crossing the resistance line could, however, suggest that further gains are ahead. 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 7,183.5, this is a slight indication of a slowdown.
Technical analysis of the FTSE price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Fundamental indicators – United Kingdom Manufacturing PMI released yesterday at 09:30 UTC with a figure of 46.2, while the previous figure was 48.4.
Other markets are also showing gains as Hang Seng went up by 2.41% yesterday, and closed at 15,827. CAC went up by 0.98% yesterday, and closed at 6,328.25. EuroSTOXX is trading around 3,651 after ending yesterday's session at 3,617.54 (up 0.93% today).
Upcoming fundamentals: United Kingdom BoE Interest Rate Decision (Nov) is expected tomorrow at 12:00 UTC.