- The FTSE is currently alternating around 7,410.3 with price action moving above and below this key level throughout the session.
- 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.
A 17 day downtrend has resulted in the asset losing 668.08 points. Today is looking a bit better: the FTSE is trading at 7,340 after closing the previous day at 7,344.45.
The FTSE has fallen back around 8.34% from the significant high of 8,012.53 set 28 days ago.
The MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook. The FTSE's upper Bollinger Band® is at 8,202.52 and the lower is 7,561.75.
Although price action remains in a stalemate, technical analysis suggests the FTSE could be primed for a break to the upside.
Other markets show mixed performance as ASX 200 is down 103.5 points from the beginning of the session and now trades around 6,965.5. After ending yesterday's session at 19,540, Hang Seng lost 339.87 points and is trading around 19,200. After ending yesterday's session at 27,229, Nikkei lost 229.48 points and is trading around 27,000.
Upcoming fundamentals: United Kingdom CFTC GBP speculative net positions scheduled to come out tomorrow at 20:30 UTC.