FTSE100

FTSE hit fresh all-time high at 7143 on Tuesday, at start of trading in the New Year. The price extended uninterrupted bull-leg from 6917 (mid-Dec higher low), clearing barriers at 7090 (2016 high) and 7127 (2015 high). Technical studies are firmly bullish on all timeframes, with today’s rally being additionally boosted by upbeat UK data. Next targets lay at 7200 (round-figure) and 7323 (Fibo 138.2% projection), however, corrective action on overbought conditions would likely precede fresh rally. Session low at 7069 marks first support, with extended dips expected to hold above psychological 7000 support.

Res: 7127; 7143; 7200; 7300

Sup: 7100; 7069; 7024; 7000

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