HomeContributorsTechnical AnalysisFTSE 100 Bounces off Support

FTSE 100 Bounces off Support

The FTSE 100 edged higher supported by blue chip energy names. A rally above the previous high of 7870 suggests that the directional bias is still up after securing bids along the 20-day SMA (7740). A bounce off the base of the latest breakout (7810) further cements the bulls’ resolve in keeping the uptrend intact. A close above 7910 could bring in momentum buyers and send the price to the milestone at 8000. 7740 now sitting on the 30-day SMA stays as a trailing stop in case of a deeper pullback.

Orbex
Orbexhttp://www.orbex.com/en/agent/cl/ccc678cb86b9
At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading

Forex Algorithmic Trading

Risk-on and Risk-off