- The FTSE hasn't traded above 7,293.39 for 6 weeks.
- The FTSE has crossed the upper Bollinger Band® at 7,254.28, a potential sign that further gains are to follow.
The FTSE is on a 17 day uptrend, gaining a total of 6.78%. Consistent for now — the FTSE trades at 7,289 after gaining 100.37 points (1.4%).
Having set a significant low of 6,826.2 23 days ago, the FTSE is trading 5.31% higher.
FTSE has just crossed its upper Bollinger Band® at 7,254.28, suggesting further gains could be on the cards. On the other hand, note that 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 could be slowing down soon; it is getting close to the resistance line and is now at 7,263.4, only 25.61 points away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems the FTSE likely to continue pointing upward in the short term.
Fundamental indicators – data for United Kingdom Construction PMI published today at 09:30 UTC came out at 53.2, beating projections of 50.5 and showing improvement over the preceding figure of 52.3.
Other markets are also showing gains as Hang Seng is up 5.36%. Having closed the previous session at 6,243.28, CAC is up 2.23% today to currently trade at around 6,382.68.
Meanwhile, Nikkei is down to 27,200, losing 463.39 points, after closing at 27,663 in the preceding trading session.
Upcoming fundamentals: United Kingdom BoE MPC Member Pill speech is scheduled today at 12:15 UTC.