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June 09, 2023
- Price action breaks below important support level at 7,579
- Falling prices have precipitated the FTSE's approach to its lower Bollinger Band® at 7,498.47
While on a 10 day slump, falling a total of 4.14%, More of the same today: trading lower, the FTSE is currently down 28.08 points as it ranges between 7,569.36 and 7,621.72 so far today.
The index has been trending lower for about a month. Having set a significant high of 8,012.53 3 months ago, the FTSE is trading 5.15% lower.
The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control. The FTSE's lower Bollinger Band® is at 7,498.47, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Despite this, the FTSE fell below the 7,579 support zone and moved 7.29 points beyond it; the next level of support with significant buyer interest is estimated at 7,558.16.
Technical analysis indicates that the FTSE's current downtrend might soon change course and start climbing up in the short term.
Positive performances can be seen by looking at other markets as having closed the previous session at 31,641, Nikkei is up 1.97% today to currently trade at around 32,265. KOSPI Composite Index climbs 1.16% to trade around 2,641. Nasdaq is up 1.02%.
Upcoming fundamentals: United Kingdom CFTC GBP speculative net positions is scheduled for today at 20:30 UTC.
