FTSE100 index surged to new record highs on Friday, underpinned by rally in European and US equities as well as rising optimism for strengthening economy. The index rose above previous all-time high at 7649 (29 Dec), heading towards round-figure barrier at 7700 and could stretch towards Fibo 138.2% projection at 7753. Firmly bullish techs support the advance, however, overextended studies give an early sign of corrective action, but no firmer signals seen so far. Rising 10SMA which tracks the rally since mid-Dec, offers solid support at 7581.
Res: 7700, 7753, 7800, 7856
Sup: 7649, 7630, 7581, 7563
