Technical Analyst, Saxo Bank Group
Summary: FTSE 100 bouncing strongly. Could it get back to 8K ? FTSE 250 back above Ichimoku cloud indicating higher levels. UK100 cfd and UK250 MID cfd levels in the article
FTSE 100 is still holding by its nails when bouncing from 7,700 and RSI from 40 threshold.
FTSE could be range bound between 7,700 and 7,947 for a while where break out from is needed for direction.
If FTSE closes above 7,800 it could lead for RSI to close above its falling trendline which would be a strong indication of FTSE to move higher towards 8K.
However, even if FTSE breaks below 7,700 there is strong support at around 7,631 and the Ichimoku cloud
UK100 cfd levels. Strong support at 7,625. RSI bounced from 40. If RSI can move falling trendline FTSE is likely to move higher towards 8K possibly testing all-time high around 8,044
FTSE 250 is back above the Cloud and RSI is showing positive sentiment strongly indicating the Index is moving higher next couple of weeks.
Resistance at around 20,098.
If FTSE 250 slides back to close below support at around 19,068 the Index could drop to 18,500-18K. A close below the rising trendline would be first indication of that scenario to play out.
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