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FTSE 100 Technical Outlook – Breaking Sizable Level, Looking Towards 7000

FTSE 100 Technical Outlook – Breaking Sizable Level, Looking Towards 7000

Paul Robinson, Strategist

FTSE Technical Highlights:

  • FTSE trading through resistance around 6500
  • A firm breakout is seen as keeping the market on pace for 7k

The FTSE 100 is currently working on leaving behind a strong level of resistance that started back when the market bottomed in 2018. Around the 6536 mark we saw a hesitation during the March decline, followed by a top in June before price just stalled ahead of it in November.

A climb above would help set the pace for a potential move up to just over 7000, where the next set of levels are that were created during 2019. It would be a strong rise from here to do by the end of the year, but a possibility if risk appetite can remain strong.

Even with that in mind, from a risk/reward perspective, buying dips may be the best way to play this should price continues to try and rise.

To derail a bullish outlook, a sharp price decline back below 6500 and really a lower-low below 6236 would be needed. For would-be shorts, waiting until bearish price action sets in may be the best course of action versus trying to predict pullbacks.

FTSE Daily Chart (rising above resistance)

FTSE daily chart

UK 100 Index Chart by Tradingview

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.