Elliott Pushes for Buyback After Building Stake in Bunzl

The FTSE index has risen 2.8% in the last 24 hours, showing strong short-term momentum. The RSI stands at 68.9, approaching overbought territory but not yet at dangerous levels, while the MACD remains positive above its signal line. The price is trading above both the 20-day and 50-day moving averages, supporting the uptrend. News of Elliott building a position in Bunzl and buyback pressure may be perceived as a positive signal of corporate activity across the market. However, given the elevated RSI and short-term overheating risk, the upside may be limited.