FTSE 100 (UKX) Up 0.12%; Pin Bar Pattern Appearing on Chart

The Hourly View for UKX

Last Updated May 4, 2021, 04:018 GMT

At the moment, FTSE 100’s price is up 5 (0.07%) 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 trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Of note is that the 50 hour changed directions on UKX; it is now pointing up. 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 choppiness in the recent daily price action of FTSE 100 continues; to start today, it came in at a price of 6969.81 US dollars, up 0.12% (8.33) since the previous day. Relative to other instruments in the equity indices asset class, FTSE 100 ranked 8th since the previous day in terms of percentage price change. 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 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 9 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!