FTSE100

FTSE100 contract for June delivery is in strong rally on Wednesday and hit fresh all-time high at 7570.
The index rallies independently from volatile British pound which hit 5-week low in early European trading but managed to recover losses on subsequent bounce.
FTSE is in steep uptrend since mid-April, poised for the sixth consecutive bullish week. Also, the index is on track for the strongest monthly rally since October 2011, with gains of 5.5% in May.
Bullish technicals remain supportive for further advance, ignoring overbought conditions for now.
The price is riding on extended third wave of five-wave cycle from 7032 (19 Apr low) which met its 200% Fibonacci expansion target and may extend gains towards FE 238.2% at 7655.
Rising daily Tenkan-sen which tracks the uptrend for one month, offers initial support at 7470, followed by former record high and strong upside rejection on 16 Mar at 7444.

Res: 7570; 7600; 7655; 7706
Sup: 7510; 7470; 7444; 7406