FTSE 100 (UKX) Tops All equity indices, Up 2.52%; Breaks Above 50 Day Average

The Hourly View for UKX

Last Updated February 16, 2021, 23:18 GMT

Currently, FTSE 100’s price is down 0 (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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 20 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

FTSE 100 closed the day prior up 2.52% (166.32); this denotes the 3rd day in a row it has gone up. On a relative basis, today was pretty good: FTSE 100 bested all 14 of the assets in the equity indices class 🙂 Here is a daily price chart of FTSE 100.

UKX

FTSE 100 Technical Analysis

Notably, FTSE 100 crossed above its 50 day moving average yesterday. 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 another vantage point, consider that FTSE 100’s price has gone up 6 of the previous 10 trading days.