HomeContributorsTechnical AnalysisFTSE 100 – Recovery Rally Nears Record High, Bullish Bias Favors Fresh...

FTSE 100 – Recovery Rally Nears Record High, Bullish Bias Favors Fresh Gains

FTSE remains supported and extended recovery from 7254 correction, ticks ahead of 7382 record high.

Fresh weakness of pound and uncertainty on nearing start of official UK/EU divorce helped the index to almost fully retrace near-term correction and look for fresh upside action.

Rise in mining stocks also helped index’s rally.

Ascending 10SMA continues to track recovery and offers immediate support at 7345, ahead of Monday’s low at 7331 and daily Tenkan-sen at 7318, which is expected to contain stronger downticks.

Upper targets above 7382 lay at 7441/61 (Fibo 138.2% and 161.8% projections), with extension towards 7511 (200% projection of the upleg from 7254) seen on stronger bullish acceleration.

Res: 7382, 7400, 7431, 7461
Sup: 7356, 7345, 7333, 7318

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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