- 7,221.32 is the FTSE's highest rate in 5 weeks.
- Upper Bollinger Band® currently at 7,183.5
15 days and 268.33 points of gains are not enough for the FTSE. Yesterday's session pointed in the same direction — after finishing Monday at 7,094.53, the FTSE went up to 7,221.32 before paring its losses and closing at 7,186.
The FTSE is now trading 3.93% above the significant low (6,826.2) it slumped to 21 days ago.
FTSE could be slowing down soon as it approaches resistance at 7,240. Of course, crossing it might suggest 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 came out at 46.2, while a consensus of analysts was expecting 45.8.
Other markets are also showing gains as Hang Seng jumps 2.41% yesterday and closed at 15,455. CAC is trading around 6,328.25 after ending yesterday's session at 6,266.77 (up 0.98% today). 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 scheduled for tomorrow at 12:00 UTC.