The FTSE 100 is starting to appear more bullish on the technical front, following a solid recovery from the 7,470 level.
UK 100 analysis shows that the 2019 trading high may come into focus if buyers can continue to gain traction above the 7,600 level.
FTSE 100 medium-term price trend
The FTSE 100 has been very well supported recently, despite Brexit fears coming back into focus ahead of the United Kingdom’s departure from the EU this month.
The inverse relationship the FTSE 100 has with the British pound is also in effect, and continues to give the index a boost.
FTSE 100 technical analysis shows that a breakout above the 7,680 level could prompt a technical test of the 2019 trading high, at 7,747.
A breakout above this level would be extremely bullish for the FTSE100, and could change the technical picture surrounding the index over the medium term.
FTSE 100 short-term price trend
UK 100 analysis over the short term is showing that bulls have the upper hand while price is trading above the 7,450 support level.
Buyers have been making strong gains over recent days, following an improvement in risk sentiment and continued weakness in the pound.
Short-term technical analysis highlights the importance of breaking above last week’s trading high, and eventually the 2019 trading high.
A large head-and-shoulders pattern is still in play across the lower time frames. An invalidation of the bearish pattern would provide a major bullish trading signal.
FTSE 100 technical summary
UK 100 analysis suggests that the index is at a critical juncture. A decisive move in the FTSE100 may be on the horizon.