- Price action oscillating around key resistance at 7,859.18
- The FTSE made an initial breakout above its 50 day Simple Moving Average at 7,856.41, a potential indicator of a newly emerging bullish phase.
The FTSE is on a 9 day bullish run gaining 279.9 points (4.22%). The FTSE stayed on track yesterday: the FTSE recovered from the previous trading session's losses and went up to 7,870.57 yesterday after it traded lower at 7,791.63.
The index has been trending positively for about a month. The FTSE hit a significant low of 6,826.2 around 6 months ago, but has since recovered 14.73%.
FTSE made an initial breakout above its 50 day Simple Moving Average at 7,856.41, a potential indicator of a newly emerging bullish phase. On the other hand, note that the FTSE broke through the 7,859.18 resistance and climbed 11.39 points above it.
Overall, looking at the technical analysis landscape, it seems the FTSE might continue pointing upwards in the short term.
Fundamental indicators – United Kingdom CFTC GBP speculative net positions released yesterday at 20:30 UTC with a figure of 5,800, while the previous figure was 1,300.
The FTSE shows positive signs, other assets are also on par: Nikkei ascends 1.4% yesterday and closed at 28,458. Dow Jones went up by 0.8% yesterday, and closed at 34,100. S&P 500 is trading around 4,169.48 after ending yesterday's session at 4,135.35 (up 0.83% today).