The FTSE 100 edged higher supported by blue chip energy names. A rally above the previous high of 7870 suggests that the directional bias is still up after securing bids along the 20-day SMA (7740). A bounce off the base of the latest breakout (7810) further cements the bulls’ resolve in keeping the uptrend intact. A close above 7910 could bring in momentum buyers and send the price to the milestone at 8000. 7740 now sitting on the 30-day SMA stays as a trailing stop in case of a deeper pullback.
