The FTSE 100 (UK100) weekly chart is setting up potential bullish momentum. To measure this, we include a triple EMA system and the stochastic indicator. Moving averages are trend-following indicators and if the FTSE 100 is setting to trend, the EMAs will be good indicators to watch. The quick green EMA is looking to cross above the intermediate orange EMA (aqua ellipse). If it does, the EMAs will be in a bullish formation with the quick green EMA above the intermediate orange EMA, and the intermediate orange EMA above the slow red EMA. If the EMAs then develop angle and separation to the upside, an underlying positive momentum will most likely be present. We will also keep an eye on the weekly stochastic. A positive cross (green ellipse) and a movement towards its upper quintile (aqua arrow) will be positive. Moreover, if it maintains this position, it will confirm the underlying bullish momentum scenario.
Past Performance: Past Performance is not an indicator of future results.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.