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April 28, 2023
- Key support at 7,810.28 holds firm despite apparent early break
- Price action broke 0.175 points below known Fib level (7,836.49)
On a 9 day uptrend, Today's session might suggest a slow down — the FTSE recovers back to 7,836.31 today after dipping down to 7,791.63, in a session that follows a previous closing value of 7,831.58.
The index has been trending positively for about a month. The FTSE is now trading 14.73% above the significant low (6,826.2) it slumped to 6 months ago.
FTSE made an initial break below its 10 day Simple Moving Average at 7,794, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of 7,836.49 serving as intraday support. On the other hand, note that the FTSE reversed direction at 7,810.28 support zone and climbed 26.03 points above it.
Despite the market lacking direction, technical chart analysis strongly suggests the FTSE is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen elsewhere as having closed the previous session at 4,056, S&P 500 is up 1.96% today to currently trade at around 4,135.35. Dow Jones surges 1.57% to trade around 33,826. Nasdaq added 2.43% to its value, now trading at 12,142.
Upcoming fundamentals: United Kingdom CFTC GBP speculative net positions scheduled to come out today at 20:30 UTC.
