FTSE hits fresh record high; strong bullish sentiment supportive for further advance

Slobodan Drvenica Windsor Brokers

FTSE100

FTSE continues to trend higher and hits fresh record high at 7196, on eleventh straight bullish day.

The price is riding on the wave C of five-wave ascend from 6680 (05 Dec trough) that cracked its FE100% at 7186 and could travel to its 123.6% expansion at 7260.

Further extension of the wave would expose 0.7307 (FE 138.2%).

Strongly overbought daily studies do not affect performance for now, but bulls may start running out of steam if stronger bearish signal will be generated.

Immediate support at 7158 is followed by 7141, ahead of first trigger, daily 10SMA at 7101 that is underpinning the advance since early Dec.

Break here is needed to signal deeper correction.

Res: 7196; 7260; 7307; 7381
Sup: 7158; 7141; 7101; 7069

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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