FTSE 100 Maintains Gains Towards the $7,730 Resistance Price Mark

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The FTSE 100 market has bounced upward from below the $7,400 price mark and is now trading at $7,726. In this ongoing session, trading activities in this market have managed to stay in the green. What can we expect from this market shortly?

Major Price Levels:
Top Levels: $7,726, $7,746, $7,776
Floor Levels: $7,706, $7,680, $7,655

FTSE 100 Maintains Gains Towards the $7,730 Resistance Price Mark

FTSE 100 Keeps Marching Towards the $7,730 Mark

The daily FTSE 100 market has continued to gather gains following the moderate downward retracement of two sessions ago. The price action in this market is reclining above the 9-day Moving Average as it should be in a typical uptrend or upside retracement. Furthermore, the Stochastic Relative Strength Indicator lines have reached the overbought area and are now moving slightly downward after a downward crossover. However, the terminals of these lines appear to be coming together for a crossover. Additionally, the MACD curves continue to move upward above the 0.00 level. However, the size of the last candle here and the appearance of the last MACD histogram bar may be revealing a weakness in price upside momentum. Therefore, traders should also consider risk management measures while making trading decisions in this market.

FTSE 100 Maintains Gains Towards the $7,730 Resistance Price Mark

FTSE 100 May Keep Extending Its Upside Price Move

Although with reduced vigor, the FTSE 100 has kept moving onward and upward. Price action has stayed above the 9-day MA, after crossing above it in the past three trading sessions. Also, the RSI lines are now on their way upward and toward the 40 level, after a bearish crossover was recently averted. While above the equilibrium level, the MACD indicator appears to be preparing for another bullish crossover. Summing up all signs in this market, it appears price action may soon claim the $7,730 price level, and may move upwards from there.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.