Key support level at 7,719.73 looms for downtrending the FTSE; currently 42.18 points away

• The FTSE is eyeing the 7,719.73 support level
• The lower Bollinger Band® is currently at 7,636.24 while the higher band is at 8,036.74

While on a 6 day downtrend Today is looking a bit better: after ending yesterday at 7,771, today the FTSE went up to 7,801 before paring back gains and settling around 7,762.

The index has been trending positively for about 2 months. The FTSE has recovered 13.84% since descending to a significant low of 6,826.2 around 7 months ago.

FTSE is approaching key support, around 42.18 points away from 7,719.73. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. The FTSE's upper Bollinger Band® is at 8,036.74 and the lower is 7,636.24.

Despite muted price action in the FTSE, chart analysis indicates it is positioned for a bullish run in the short term.

Fundamental indicators – United Kingdom Manufacturing PMI came out at 46.9, while a consensus of analysts was expecting 48.

While the FTSE is pretty flat so far today, mixed performances are seen elsewhere as CAC is down to 7,387, losing 91 points, after closing at 7,478 in the preceding trading session. After ending yesterday's session at 19,678, Hang Seng lost 246.92 points and is trading around 19,431. EuroSTOXX slides down 0.88% to trade around 4,347.

Upcoming fundamentals: United Kingdom Consumer Price Index figure is projected at 8.3%. It previously stood at 10.1%; data will be released tomorrow at 06:00 UTC.