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June 13, 2023- Price action oscillating around key resistance at 7,607.22
- Market bulls strengthened by lower Bollinger Band® currently at 7,483.42
While the FTSE in the midst of an 11 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. The FTSE rallies 33.31 points (0.44%) deep into the session, trading at 7,604.
The index has been trending lower for about a month. 3 months ago the FTSE reached a significant high of 8,012.53 but has consequently lost 5.51% since then.
FTSE made an initial breakout above its 5 day Simple Moving Average at 7,593, a potential indicator of a newly emerging bullish phase. The FTSE's lower Bollinger Band® is at 7,483.42, indicating that the market is oversold and fertile for new buyers. In contrast, the FTSE could be slowing down soon as it approaches resistance at 7,607.22. Of course, crossing it might suggest further gains are ahead.
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.
Fundamental indicators – United Kingdom Claimant Count Change (May) came out at -13,600, while a consensus of analysts was expecting 21,400.
The FTSE shows positive signs, other assets are also on par: having closed the previous session at 32,434, Nikkei is up 1.8% today to currently trade at around 33,019. CAC is up 0.62%. Dow Jones is up 0.47%.
Upcoming fundamentals: United Kingdom Monthly GDP 3M/3M Change (Apr) is expected tomorrow at 06:00 UTC.
