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April 20, 2023
- Next support is currently 21.96 points away at 7,876.81
- The FTSE made an initial breakout above its 21 day Simple Moving Average at 7,881.72, a potential indicator of a newly emerging bullish phase.
On a 6 day uptrend, Yesterday's session put the brakes on the ongoing uptrend — the FTSE recovered back to 7,898.77 after dipping down to 7,871.43, in a session that followed Tuesday's 7,909.44 close value.
The index has been trending positively for about a month. 6 months ago, the FTSE fell to a low of 6,826.2 but has since recovered 15.87%.
FTSE made an initial breakout above its 21 day Simple Moving Average at 7,881.72, a potential indicator of a newly emerging bullish phase. The FTSE is approaching key support, around 21.96 points away from 7,876.81. 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.
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 Consumer Price Index released yesterday at 06:00 UTC with a figure of 10.1%, while the previous figure was 10.4%.
While the FTSE was pretty flat yesterday, mixed performances were seen elsewhere as after ending yesterday's session at 2,575, KOSPI Composite Index lost 7.56 points and is trading around 2,567.44. ASX 200 added 0.13% and closed around 7,365.5 yesterday. Dow Jones goes down 0.23% yesterday and closed at 33,977.
Upcoming fundamentals: tomorrow at 06:00 UTC data for United Kingdom Retail Sales will be released, with an expected decline to -0.5% from the preceding figure of 1.2%.
