Price Action in the FTSE 100 Market: Eyes on Breaking the Resistance Level of £7,600

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FTSE 100 price action found some upside strength in the previous session during the past 24 hours. Consequently, the price increased from around £7470 to £7558. Yet, trading indicators are still showing that a further price increase has a fair chance.

Important Price Marks:
Resistance: £7,581, £7,600, £7,630
Support: £7560, £7,540, £7,500

 

 

FTSE 100 Bulls Already Eying the £7,600 Price Mark

Traders who bought the FTSE 100 when it dropped to around £7,458 have made significant profits. During the previous session alone, price action in this market rose to around £7,558. Revealing this market’s upside promises are the trading indicators. Price action has crossed above the two sets of the GMMA curves, however, the faster set of these curves is close to the last green candlestick on this chart. Also, the RSI curves are now in the overbought area, with both lines above the 80 level of the indicator. Although, the closeness of the RSI lines seems to be predicting that buying momentum may be reducing. Nonetheless, the MACD indicator appears to be predicting that bulls will continue to gain strength. Consequently, for the most part, traders might still want to anticipate that the price may soon break the £7,600 mark.

FTSE 100 Maintains Upside Prospects

In the four-hour market, the FTSE 100 market continues to maintain its focus on reaching the above-stated resistance. Here we can see that the price movement is maintaining the upside-sloping price channel. Since around December 18th, this market has been trading in this channel and continues to do so even now. At this point, price action appears to be ready to go higher. A significant amount of upward pressure is still acting on price in this market, which could be seen as a green price candle that formed for the current trading session. Also, the GMMA stays below the price candlesticks, to keep indicating that upside forces are still on. Additionally, MACD continues to indicate that upside momentum is moderate. However, the Stochastic RSI seems to be telling that the upside momentum is vulnerable considering the recent mangled appearance of the lines of this indicator. Nevertheless, the price in the FTSE market may still reach the £7,600 mark, but traders still need to exercise caution about this expectation.

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