The FTSE zeroing in on key resistance at 7,968.23 and 7,992.42 thereafter

• Price action fails to overcome resistance at 7,968.23 after brief test; now trading 3.96 points lower
• The lower Bollinger Band® is currently at 7,829.58 while the higher band is at 8,032

The FTSE continues a 3 day surge, reaping a total of 1.12%. Consistent for now — after closing at 7,944 yesterday, the FTSE began today at 7,944 with significant bullish sentiment driving the FTSE's price action higher. So far today, price action has drawn out a distinct 7,943.28 to 7,974.4 range.

The index has been trending positively for about 2 months. After hitting an important low of 6,826.2 approximately 4 months ago, the FTSE has bounced back 16.38% since.

FTSE's upper Bollinger Band® is at 8,032, this is a slight indication of a slowdown. The FTSE reversed direction at 7,968.23 resistance zone and retreated back 3.96 points below it.

Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates the FTSE is set for a reversal in the coming days.

Fundamental indicators – United Kingdom Services PMI released today at 09:30 UTC with a figure of 53.5, while the previous figure was 48.7.

The FTSE shows positive signs, other assets are also on par: Nikkei is up 1.56%. Dow Jones ascends 1.05% to trade around 33,000. Having closed the previous session at 15,328, DAX is up 1.05% today to currently trade at around 15,500.

Upcoming fundamentals: United Kingdom CFTC GBP speculative net positions is expected today at 20:30 UTC.