FTSE 100 (UKX) 3 Day Down Streak Snapped, in an Uptrend Over Past 90 Days; is Inching Close to 20 Day Average

The Hourly View for UKX

Last Updated May 31, 2021, 02:018 GMT

At the moment, FTSE 100’s price is down -1 (-0.01%) from the hour prior. FTSE 100 has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Price action traders may also wish to note that we see a pin bar candlestick pattern on FTSE 100. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

FTSE 100 Daily Price Recap

The end of a 3 day negative run has come for FTSE 100, which finished the day prior up 0.04% (2.94). Relative to other instruments in the equity indices asset class, FTSE 100 ranked 12th since the day prior in terms of percentage price change. Here is a daily price chart of FTSE 100.

UKX

FTSE 100 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!