FTSE 100 (UKX) Down 0.1%, Price Base in Formation Over Past 14 Days; is Inching Close to 20 Day Average

The Hourly View for UKX

Last Updated May 28, 2021, 02:018 GMT

At the time of this writing, FTSE 100’s price is up 12 (0.17%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

FTSE 100 Daily Price Recap

FTSE 100 closed the previous day down 0.1% (7.26); this denotes the 3rd consecutive day a decline has happened. Relative to other instruments in the equity indices asset class, FTSE 100 ranked 9th since the previous day in terms of percentage price change. Below is a daily price chart of FTSE 100.

UKX

FTSE 100 Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to view things another way, note that out of the past 14 days FTSE 100’s price has gone down 9 them.