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April 24, 2023
- The FTSE is eyeing 7,876.81 as its nearest support level
- Although down today, the FTSE rose above its 3 day Simple Moving Average around earlier in the session
While the FTSE is in the midst of a 6 day up trend, Bucking the trend and turning lower, the FTSE slides down from 7,914 to 7,899, losing 15 points (0.19%) today.
The index has been trending positively for about a month. The FTSE hit a significant low of 6,826.2 around 6 months ago, but has since recovered 15.94%.
FTSE could begin to recover as it approaches significant support, now 22.06 points away from 7,876.81. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, the FTSE peaked above its 3 day Simple Moving Average around 7,884 — typically an early indicator of a new bullish trend beginning to emerge.
Despite suffering losses in today's session, technical analysis is indicating that the FTSE will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other markets, after ending Friday's session at 2,544.4, KOSPI Composite Index lost 20.9 points and is trading around 2,523.5. Hang Seng is trading around 19,960 (down 115.79 points).
Upcoming fundamentals: United Kingdom BoE MPC Member Broadbent speech scheduled to come out tomorrow at 09:00 UTC.
