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

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors



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

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

 

 

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.

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

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.

Do you want to take your trading to the next level? Join the best platform for that here.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.