FTSE 100 Continues Bullish Rally With $8800 In View

FTSE 100 Analysis – February 5

FTSE 100 is continuing its bullish rally with $8,800 in sight. The index is supported by positive technical indicators, including the 9-day Simple Moving Average (SMA) positioned at $8,570, which acts as a dynamic support level in line with the current trading price. The Relative Strength Index (RSI) stands at 62, reflecting bullish momentum without reaching overbought territory, with potential resistance identified around 68. Additionally, Fibonacci retracement levels highlight significant support zones at $8,440 (0.5 level) and $8,380 (0.618 level), reinforcing the strength of the ongoing uptrend.

FTSE 100 Key Levels

Resistance Levels: $8,700, $8,800, $9,000
Support Levels: $8,370, $8,110, $7,790

FTSE 100 Long-Term Trend: Bullish

The index recently surpassed the $8,370 resistance level and is poised for a potential retest of that breakout zone. Before this move, the market experienced a period of horizontal consolidation, followed by a significant bullish breakout, indicating strong buying interest. The recent rejection near the $8,690 high suggests some profit-taking activity; however, the formation of higher highs and higher lows reinforces the bullish trend. Currently, the price is showing signs of a downward retracement.
Looking ahead, the FTSE 100 is expected to maintain its bullish momentum following a brief short-term pullback. If the price stabilizes above the $8,370 support level, consolidation may occur before targeting the next resistance at $8,800. A breakout above this level could lead to a move toward the psychological threshold of $9,000. Conversely, if market momentum weakens, a retracement to $8,370 or even $8,110 may occur before the upward trend resumes.

FTSE 100 Short-Term Trend: Bearish

The FTSE 100 is showing bearish signs as the index struggles to hold above the $8,500 mark. The 9-day Simple Moving Average (SMA) at $8,600 now serves as a resistance level. The Relative Strength Index (RSI) stands at 62, suggesting a possible shift in market momentum. A decline below the $8,460 threshold could trigger additional selling pressure toward the support level at $8,370. If bearish momentum persists, key downside targets include $8,110 and, in a more significant downturn, possibly $7,790. Traders seeking forex signals may also find insights in broader market trends.

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