FTSE 100 (UKX) Makes Big Move Relative to Two Week Trend, Crosses 20 Day Moving Average; in an Uptrend Over Past 30 Days

The Hourly View for UKX

Last Updated May 6, 2021, 03:018 GMT

Currently, FTSE 100’s price is up 1 (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on FTSE 100. Given that we see an uptrend on the 20 and 10 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

The back and forth price flow continues for FTSE 100, which started today off at 7039.3 US dollars, up 1.68% (116.13) from the previous day. Out of the 14 instruments in the equity indices asset class, FTSE 100 ended up ranking 3rd for the day in terms of price change relative to the previous day. Below is a daily price chart of FTSE 100.

UKX

FTSE 100 Technical Analysis

Moving average crossovers are always interesting, so let’s start there: FTSE 100 crossed above its 20 day moving average yesterday. 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 8 out of the past 14 days.