FTSE pushes through 20-day moving average
FTSE ended Thursday at 7765.79 gaining £62.09 (0.81%). Today's closing price of 7765.79 marks the highest close since May 23rd. Trading up to £53.55 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 7746.70, the index confirms its breakout through the previous session's high having traded £46.75 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was £143.29 (1.86%), that's far above last trading month's daily average range of £75.40. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
Breaking through the key resistance level at 7756.70 today, it is now likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. FTSE 100 managed to break above the 20-day moving average at 7733.89 today for the first time since June 11th.
With prices trading close to this year's high at 7903.50, upside momentum could accelerate should the stock index be able to break out to new highs for the year.
Even though both sentiments are bullish for the next trading day, our quantitative statistics are only bullish while the classical technical analysis metrics show a very bullish sentiment.
Market Conditions for FTSE 100 Index
|Down Close Near Low of Period||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Bearish Bounce off SMA 50||TQ Pro Members Only|
|4 Consecutive Lower Closes||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
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