FTSE Technical Analysis: Extending Towards Multi-year Resistance

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FTSE 100 Technical Highlights:

  • The FTSE is nearing its pre-pandemic highs
  • Yearly highs from 2018 and 2019 lie simply past there

The FTSE 100 is continuous its power following a breakout above a barrier of resistance by way of the trend-line operating off the 2018 excessive. The upward trajectory seems set to proceed within the near-term, however large resistance lies not far forward.

The pre-pandemic highs created in January 2020 at 7689 together with the 2019 excessive at 7711 makes for a good zone of resistance which may be tough to beat on the primary strategy. Price motion will likely be key to observe.

A response, i.e. a swift reversal day, may very well be the primary indication {that a} correction will start. Given the way in which the FTSE usually instances trades – three steps ahead, two again – it wouldn’t be shocking to see a pullback of some hundred factors earlier than making an attempt to push onward once more.

Whether the preliminary set of resistance ranges might be broke on a primary check or not, past there lies the 2018 report excessive at 7903. This makes the zone from proper round 7700 as much as simply over 7900 an important one to concentrate to within the days/weeks forward.

For now, persevering with to run with a bullish bias however that seems prone to be quickly put to the check. A corrective transfer, whether or not it comes within the type of a pullback or consolidation, may do the FTSE some good for extending into contemporary report territory. The most popular technique is to purchase on dips over chasing momentum.

FTSE Daily Chart

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—Written by Paul Robinson, Market Analyst

You can observe Paul on Twitter at @PaulRobinsonFX

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