FTSE 100 (UKX) Outperforms All equity indices, Makes Big Move Relative to Two Week Trend; Breaks Above 20 Day Average

The Hourly View for UKX

Last Updated January 5, 2021, 02:018 GMT

At the time of this writing, FTSE 100’s price is down -14.49 (-0.22%) from the hour prior. This is the 2nd consecutive hour FTSE 100 has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being below it. 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 6571.88 US dollars, up 1.72% (111.36) since the day prior. FTSE 100 outperformed all 14 assets in the equity indices asset class since the day prior. Congrats to its holders! Below is a daily price chart of FTSE 100.

UKX

FTSE 100 Technical Analysis

Notably, FTSE 100 crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 8 out of the past 14 days.