Another day, another vertical move in the FTSE 100 index as it was trading more than 1% higher during the US session on Wednesday, last seen at 6,375 GBP, which are five-month highs for this index.

Despite the UK entering a hard lockdown a couple of days ago, the FTSE 100 is up 15% in two weeks. Extreme optimism from the new vaccine won’t mitigate the current economic damage, which will be felt for many years. Nevertheless, stocks are soaring like there is no tomorrow, and bulls are fully in control.

The next resistance is at summer highs near 6,500 GBP, and it looks like this level will be broken to the upside tomorrow. The next target will then be at 7,000 GBP. 

The support is now at around 6,320 GBP, where previous highs are seen from the intraday perspective. As long as the Footsie trades above that level, the short-term trend seems bullish.

The medium-term support could now be in the 6,200 GBP area, where the 200-day moving average stands. 

Source: https://www.axiory.com/technical-analysis/footsie-up-for-10-consecutive-days

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About Author

Peter Bukov

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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