FTSE closes higher for the 2nd day in a row

FTSE 100 Index (FTSE) Technical Analysis Report for Jul 13, 2018

Highlights

FTSE unable to break through key resistance level
FTSE fails to close above 50-day moving average
FTSE closes higher for the 2nd day in a row
FTSE closes within previous day's range after lackluster session
FTSE ends the day indecisive

TQ Sentiment

Report Sentiment:
33% Bearish
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, FTSE ended the week 0.58% higher at 7661.87 after gaining £10.57 (0.14%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for FTSE

Volatility

Friday's trading range was £64.91 (0.85%), that's below last trading month's daily average range of £83.90. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to a key support level at 7633.90. Unable to break through the key technical resistance level at 7706.60, the market closed below it after spiking as high as 7716.24 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After spiking up to 7716.24 during the day, the index found resistance at the 50-day moving average at 7668.94.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

As prices are trading close to July's low at 7540.70, downside momentum could speed up should FTSE 100 mark new lows for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for FTSE 100 Index

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