FTSE 100 (UKX) Up 0.07%, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for UKX

Last Updated June 7, 2021, 17:18 GMT

Currently, FTSE 100’s price is up 8.5 (0.12%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on FTSE 100. 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. 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

7069.04 was the closing price of the day for FTSE 100, resulting in today being one in which price moved up 0.07% ($4.69) from the previous day. 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 previous day. Here is a daily price chart of FTSE 100.

UKX

FTSE 100 Technical Analysis

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. For another vantage point, consider that FTSE 100’s price has gone up 5 of the previous 10 trading days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.