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April 11, 2023
- The FTSE hasn't traded above 7,800.43 for 4 weeks and a half.
- The FTSE drawing closer to significant resistance at 7,888 with potentially further upside ahead
Having added to its 189.88 points increase during 3 days of gains, The FTSE pointed in the same direction today: the FTSE spiked to 7,800.43 today and consolidated before initiating a fresh rally to 7,785.72. This comes following Thursday's session in which it closed at 7,741.56.
The index has been trending lower for about a month. The FTSE is up 13.41% from the significant low of 6,826.2 it hit 5 months ago.
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. On the other hand, note that the FTSE could be slowing down soon as it approaches resistance at 7,888. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems the FTSE might continue pointing upwards in the short term.
Fundamental indicators – United Kingdom Mortgage Rate (GBP) (Mar) came out at 7.22, while a consensus of analysts was expecting seven.
Other markets are also showing gains as ASX 200 rallies 1.26% today and closed at 7,219. KOSPI Composite Index rises 1.42% today and closed at 2,512. Nikkei is trading around 27,923 after ending today's session at 27,634 (up 1.05% today).
Upcoming fundamentals: United Kingdom BoE Gov Bailey speech set for tomorrow at 13:00 UTC.
