FTSE 100 (UKX) Makes Big Move Relative to Two Week Trend, Down 1.73%; Breaks Below 20 Day Average

The Hourly View for UKX

Last Updated October 16, 2020, 00:05 GMT

At the moment, UKX’s price is down $-2 (-0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on UKX. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 came into today down 1.73% (102.54) from the open of yesterday, marking the 4th straight day a decline has happened. Out of the 14 instruments in the equity indices asset class, FTSE 100 ended up ranking 9th for the day in terms of price change relative to yesterday. Below is a daily price chart of FTSE 100.

UKX

FTSE 100 Technical Analysis

Notably, FTSE 100 crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to view things another way, note that out of the past 14 days FTSE 100’s price has gone up 7 them.

Overheard on Twitter

Over on Twitter, here were the top tweets about FTSE 100:

  • From truemagic68:

    Wall Street suffered its 2nd day of losses thanks to concern over vaccine progress, hold up of stimulus package & outlook for 3rd Q earnings, Asia suffered in concert. Suggested opening calls– FTSE 100 -33 at 5905, DAX -86 at 12943, CAC40 -30 at 4911, DJIA futures -67 at 28445

  • From 10Yetis:

    @louisevparker I know an agency that did this and pretended it was genuine coverage!!! Was someone we took over from for a FTSE 100 🤣fucking state of it. Gr8 tip btw

  • From RonnieChopra1:

    FTSE 100 at low of the session, currently 5942. Massive underperformance with global peers continues, not helped with BP trading at its lowest level since 1995.

As for a news story related to FTSE 100 getting some buzz:


FTSE 100 closes deep in the red amid new coronavirus lockdowns : CityAM

Read more: London Tory MPs call for extra support for businesses facing Tier 2 restrictions Travel stocks were also in trouble across the UK market….London has been placed under “Tier 2” restrictions….It was down 2.5 per cent, while France’s CAC 40 and the Europe-wide Stoxx fell 2.1 per cent.