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April 16, 2023
- Price action fails to overcome resistance at 7,903 after brief test; now trading 30.93 points lower
- Fibonacci resistance at 7,903.77 holds firm with prices retreating 31.86 points
Having gone up 291.7 points over the past 4 days, On-trend the FTSE closed the session Friday with more of the same: with a daily low of 7,843.38, the FTSE closed Friday at 7,872, after ending Thursday at 7,843.38 and gaining 28.62 points (0.36%).
The index has been trending positively for about a month. The FTSE has appreciated 14.83% over the past six months.
FTSE made an initial breakout above its 21 day Simple Moving Average at 7,891, a potential indicator of a newly emerging bullish phase. In contrast, after reaching the known resistance zone beginning at 7,903, the FTSE price action retreated approximately 30.93 points.
Overall, looking at the technical analysis landscape, it seems the FTSE might continue pointing upwards in the short term.
Other markets are also showing gains as Nikkei rises 1.2% Friday and closed at 28,157. ASX 200 is trading around 7,361.6 after ending Friday's session at 7,324 (up 0.51% today). CAC went up by 0.52% Friday, and closed at 7,519.61.
Upcoming fundamentals: United Kingdom BoE MPC Member Cunliffe speech is scheduled tomorrow at 13:00 UTC.
