FTSE is attempting to resume uptrend after narrow consolidation

Slobodan Drvenica Windsor Brokers

FTSE100

FTSE maintains strong bullish tone and is consolidating under fresh record high at 7220, posted yesterday.

Consolidation is holding within 7190/7220 range, with broken FE 100% of the wave C from 6869 (13 Dec trough), offering solid support for now.

With no signals of reversal on strongly overbought daily studies, strong bullish sentiment is expected to drive the price higher.

Fresh upside acceleration may extend the wave towards its Fibonacci expansion levels at 7260 (FE 123.6%) and 7307 (FE 138.2%).

Initial support lies at 7190, followed by yesterday’s low at 7158 and the first pivot, ascending daily 10SMA, currently at 7124.

Only break here would question near-term bulls.

Res: 7260; 7307; 7381; 7428
Sup: 7190; 7158; 7124; 7103

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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