FTSE 100 – fresh strength attacks near-term congestion tops but sustained break higher needed for firmer bullish signal

FTSE100

FTSE100 index regained traction on Wednesday and retested previous high at 7378 (07 July high) after strong indecision was signaled on Tuesday when trading ended in long-legged Doji.
Today’s rally probed above another pivotal barrier at 7367 (Fibo 38.2% of 7587/7232, 02/30 June downleg) but so far without clear break higher, after several attempts above this resistance failed in recent days.
The index price is holding at the breakpoint (barriers are reinforced by daily Kijun-sen line) clear break of which would trigger further retracement of 7587/7232 descend and expose next key barrier at 7451 (daily cloud top / Fibo 61.8%).
Near-term price action remains well supported by daily cloud top, reinforced by daily Tenkan-sen, which holds congestion of past few days.
Mixed outlook on daily technicals (MA’s are bullishly aligned while indicators hold below their midlines) suggesting that break of either side of near-term range (7300/7380) would give clearer signals for near-term direction.

Res: 7378; 7387; 7409; 7451
Sup: 7337; 7310; 7291; 7235