UK100 Looks To Trade Higher!

UK100 Looks To Trade Higher!

UK100 (FTSE) is traded at 6820.2 at the time of writing, higher versus 6755.6 today’s low. It has jumped above the former high signaling strong bulls and more gains ahead.

GBP’s aggressive drop registered today may help the UK100 stock index to resume its growth. The price action indicates an upside pressure after the latest developments.

UK100 H4 Technical Analysis

FTSE 100 Index trades within an uptrend after breaking above the short-term downtrend line. It has retested the broken dynamic resistance and now it seems determined to reach new highs.

The current breakout above 6796 static resistance and through the major descending pitchfork’s upper median line (UML) signals continuation. The price could consolidate above the UML and R1 (6811) before resuming its bullish momentum.

Conclusion!

UK100 has taken out the immediate resistance levels signaling further growth. Stabilizing above the UML and R1 could bring a new long opportunity!

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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.