- Price action oscillating around key resistance at 7,581.8
- Upper Bollinger Band® currently at 7,614
A month and 730.03 points of gains were not enough. Consistent for now — tentatively higher from an earlier low of 7,547.76, the FTSE is up to 7,588 today, adding 31.77 points, or 0.42%, to Friday's closing price of 7,556.23.
The index has been trending positively for about a month. Having set a significant low of 6,826.2 a month ago, the FTSE is trading 10.69% higher.
FTSE made an initial breakout above its 3 day Simple Moving Average at 7,562.6, a potential indicator of a newly emerging bullish phase. Despite this, the FTSE broke through the 7,581.8 resistance and climbed 6.19 points above it. Bollinger Band® analysis indicates that current price action is approaching the upper band at 7,614, thereby suggesting that the FTSE is becoming overvalued.
According to technical analysis, it looks as if the FTSE likely to continue pointing upward in the short term.
Fundamental indicators – United Kingdom Composite PMI released today at 09:30 UTC with a figure of 48.2, while the previous figure was 48.2.
The FTSE shows positive signs, other assets are also on par: Hang Seng is up 4.51%. Having closed the previous session at 7,301.5, ASX 200 is up 0.33% today to currently trade at around 7,325.6.
At the same time, KOSPI Composite Index is down 15 points from the beginning of the session and now trades around 2,419.32.
Upcoming fundamentals: United Kingdom Construction PMI expected to decline to 52 while its preceding data was 53.2, data will be available tomorrow at 09:30 UTC.