FTSE 100 (UKX) Down 0.08%; Pin Bar Pattern Appearing on Chart

The Hourly View for UKX

Last Updated May 12, 2021, 00:018 GMT

At the moment, FTSE 100’s price is down -5 (-0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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 end of a 3 day positive run has come for FTSE 100, which finished the day prior down 0.08% (6.03). Out of the 14 instruments in the equity indices asset class, FTSE 100 ended up ranking 8th for the day in terms of price change relative to the day prior. The daily price chart of FTSE 100 below illustrates.

UKX

FTSE 100 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For another vantage point, consider that FTSE 100’s price has gone up 8 of the previous 14 trading days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!