FTSE closes within previous day's range after lackluster session
FTSE 100 Index (FTSE) Technical Analysis Report for Sep 14, 2018
FTSE finished the week 0.36% higher at 7304.04 after gaining £22.44 (0.31%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.
Friday's trading range was £42.26 (0.58%), that's far below last trading month's daily average range of £67.75. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 7220.50 and 7325.30 which it has been in now for the last trading week.
Prices are trading close to the key resistance level at 7325.30. The index ran into sellers again today around 7323.83 for the third trading day in a row after having found sellers at 7319.60 in the previous session and at 7325.30 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 7325.30 where further buy stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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