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May 19, 2023- Price action oscillating around key resistance at 7,773
- Known Fib level 7,782 serving as battleground for bulls and bears
While in the midst of a 6 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. The FTSE got off to a strong start by gaining 27.7 points (+0.36%), only to run out of steam later in the session around 7,781.79. Currently, the FTSE is trading around the 7,770 level.
The index has been trending positively for about 2 months. 7 months ago, the FTSE fell to a low of 6,826.2 but has since recovered 13.42%.
FTSE formed a session range of 7,742 to 7,781.79 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of 7,782. The FTSE's lower Bollinger Band® is at 7,637.23, indicating that the market is oversold and fertile for new buyers. Despite this, the FTSE price action is currently oscillating around the 7,773 resistance level with prices moving above and below several times during the session.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts the FTSE to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the FTSE is expected to pick up significant bullish sentiment in the coming days.
Upcoming fundamentals: United Kingdom CFTC GBP speculative net positions will be released today at 20:30 UTC.
