FTSE hit a series of fresh record highs after 7382/7254 correction was fully retraced and strong bullish acceleration commenced above previous high at 7382.
The rally was inspired by surge in commodity stocks on Fed’s rate hike.
Strong bullish setup of technical studies is complementing positive environment after Fed that would result in further upside action.
The price is eyeing its Fibo 161.8% projection at 7461 as next target, after previous one at 7431 (Fibo 138.2%) was taken out.
Rally could extend towards psychological 7500 barrier and 7511 (Fibo 200% projection of the upleg from 7254 trough).
Former top at 7382 now acts as good support, followed by rising 10SMA at 7352.
Res: 7440, 7461, 7500, 7511
Sup: 7400, 7389, 7382, 7352
