FTSE runs into sellers again around 7745.53


FTSE 100 Index (FTSE) Technical Analysis Report for May 16, 2018 [1 min read]
Highlights
FTSE pushes through key resistance level
FTSE closes higher for the 2nd day in a row
FTSE runs into sellers again around 7745.53
FTSE rises to highest close since January 16th
FTSE stuck within tight trading range
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, FTSE finished Wednesday at 7734.20 gaining £11.20 (0.15%). Today's closing price of 7734.20 marks the highest close since January 16th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily chart for FTSE
Volatility

Wednesday's trading range was £27.77 (0.36%), that's far below last trading month's daily average range of £58.57. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 7687.50 and 7752.00 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Breaking through the key resistance level at 7728.90 today, it is now likely to act as support going forward. After having been unable to move above 7752.00 in the previous session, FTSE 100 ran into sellers again around the same price level today, failing to move higher than 7745.53.

Trend

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

Order Flow

Buying could speed up should prices move above the nearby swing high at 7752.00 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 7687.50 where further sell stops might get triggered. With prices trading close to this year's high at 7792.60, upside momentum could speed up should the index be able to break out to new highs for the year.

Conclusion

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

Market Conditions for FTSE 100 Index
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Bounce off SMA 50 TQ Pro Members Only
Close near low of period TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bearish Hikkake Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
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