Price action honing in on likely support at 7,507.27
Medium-term trend indication has turned positive as the MACD index generated a crossover buy signal

While the FTSE is on a 6 day bullish trend, Today's session might suggest a slow down — after ending yesterday at 7,527.26, the FTSE traded in a 7,518.55 – 7,547.38 range before settling at 7,529.48.

The index has been trending lower for about 2 months. The FTSE reached a significant high of 8,012.53 around 4 months ago but has lost 6.06% since then.

The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. The FTSE is approaching key support, around 22.21 points away from 7,507.27. 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. On the other hand, note that 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end.

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 46.5, while a consensus of analysts was expecting 46.2.

At the same time, mixed performances are seen elsewhere as after ending yesterday's session at 33,753, Nikkei lost 330.81 points and is trading around 33,423. ASX 200 is up 0.45% to 7,279. KOSPI Composite Index is down to 2,593.31, losing 9.16 points, after closing at 2,602.47 in the preceding trading session.

Upcoming fundamentals: United Kingdom Services PMI is expected tomorrow at 08:30 UTC.