FTSE 100 (UKX) Up 0.07%; Pin Bar Pattern Appearing on Chart

The Hourly View for UKX

Last Updated February 12, 2021, 18:18 GMT

At the moment, FTSE 100’s price is down -4.49 (-0.07%) from the hour prior. FTSE 100 has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on FTSE 100. Given that we see an uptrend on the 20 and 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 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

The back and forth price flow continues for FTSE 100, which started today off at 6528.72 US dollars, up 0.07% (4.36) from the previous day. Out of the 14 instruments in the equity indices asset class, FTSE 100 ended up ranking 10th for the day in terms of price change relative to the previous day. Below is a daily price chart of FTSE 100.

UKX

FTSE 100 Technical Analysis

Volatility for FTSE 100 has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 30 day timeframe. So if you expect the primary trend to resume, the counter trend may be providing an opportunity to buy dips. For additional context, note that price has gone up 5 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!