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June 17, 2023
- Upward momentum including 0.19% gain insufficient to breach pivotal resistance level at 7,677.74
The FTSE continues a 3 day surge, reaping a total of 1.06%. Yesterday's session pointed in the same direction — with a daily low of 7,627.83, the FTSE closed yesterday at 7,642.72, after ending Thursday at 7,628.26 and gaining 14.46 points (0.19%).
The index has been trending lower for about a month. Having set a significant low of 6,826.2 8 months ago, the FTSE is trading 11.75% higher.
Support/Resistance levels obtained from chart analysis indicate that after reaching the known resistance zone beginning at 7,677.74, FTSE price action retreated approximately 35.02 points.
Fundamental indicators – United Kingdom CFTC GBP speculative net positions released yesterday at 20:30 UTC with a figure of 6,700, while the previous figure was 12,500.
The FTSE shows positive signs, other assets are also on par: ASX 200 is trading around 7,251.2 after ending yesterday's session at 7,175.3 (up 1.06% today). CAC added 1.34% and closed around 7,291 yesterday. Notably, Hang Seng rose 1.07% yesterday and closed at 19,829.
