FTSE Nears Major Resistance Prior to X’mas

23 December, 2016

The FTSE index has seen a 14.72% gain this year. The trend has turned upwards after hitting a 3-year-and-seven-month low of 5495.05 on 11th February.

The price has been held above the mid-term major support at 6600, oscillating in a range between 6600 – 7100.

The bullish momentum has increased since 5th Dec, helped by the gains in mining and banking sectors.

The price has been traded along the downside 10 and 20 SMAs supports, indicating the trend remains upwards.

Yet the price is nearing the long term major resistance level at 7120, the bullish momentum will likely to be restrained at this level, be aware of a retracement.

The daily Stochastic Oscillator is above 80, suggesting a retracement.

The resistance level is at 7060, followed by 7100 and 7120.
The support line is at 7000, followed by 6960 and 6920.

The UK stock market will close early at 12:30 GMT today, and will close from 26th – 31st Dec. We can expect that stock markets will be quiet by early Jan.


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