- The FTSE drawing closer to significant resistance at 7,737.56 with potentially further upside ahead
- The lower Bollinger Band® is currently at 7,291 while the higher band is at 7,732.44
The FTSE is on a 14 day bullish run gaining 367.39 points (5.36%). Yesterday continued on the same track for the FTSE — generally flat but with a slight bullish bias, the FTSE ranged between 7,688.69 and 7,725.74 before closing higher at 7,725.
Over the past a day, the FTSE has retreated 0.33% from a noteworthy peak of 7,725.
FTSE could be slowing down soon as it approaches resistance at 7,737.56. 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 7,732.44, this is a slight indication of a slowdown.
Technical analysis suggests there could be an imminent reversal for the FTSE.
Fundamental indicators – United Kingdom BRC Retail Sales Monitor (YoY) (Dec) released today at 00:01 UTC with a figure of 6.5, while the previous figure was 4.1.
Other markets are also showing gains as DAX is trading around 14,800 after ending yesterday's session at 14,600 (up 1.25% today). EuroSTOXX rises 1.26% yesterday and closed at 4,017.83. Nikkei went up by 0.78% yesterday, and closed at 26,176.