FTSE 100 (UKX) Up 0.22%, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for UKX

Last Updated January 8, 2021, 02:018 GMT

Currently, FTSE 100’s price is up 1.5 (0.02%) from the hour prior. The hourly chart shows that FTSE 100 has seen 3 straight up hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on FTSE 100. Given that we see an uptrend on the 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

FTSE 100 came into today up 0.22% (15.1) from the open of yesterday, marking the 4th straight day an upward move has occurred. Out of the 14 instruments in the equity indices asset class, FTSE 100 ended up ranking 11th for the day in terms of price change relative to yesterday. 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. Or to view things another way, note that out of the past 14 days FTSE 100’s price has gone up 9 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.