The FTSE 100 has shown signs of slowing after a notable fluctuation in recent weeks. The index retraced from a mid-June peak of 8902 to a low of 8695 last week. After this dip, it rebounded to reach a high of 8818 on Monday.
Current Trends in the FTSE 100
This week’s high at 8818, along with the late May high of 8824, serves as key short-term resistance levels. The support line extending from April to July stands at 8759, which plays a crucial role in the index’s performance.
- Resistance Levels: 8818, 8824
- Support Levels: 8759, 8720, 8695
If the FTSE 100 breaches the support at 8759, it may revisit the June low of 8720 and the last week’s low of 8695. A fall below 8695 would likely engage the 55-day simple moving average (SMA) at 8659 and possibly the May low at 8601. Maintaining above these support levels is essential for sustaining the medium-term uptrend.
Potential Upside Targets
Should the index successfully surpass the resistance levels of 8818 and 8824, attention may shift toward the June 19 high of 8867. Exceeding this level could also bring the mid-June peak of 8902 and the all-time high from March at 8909 into focus.
Above these levels, the psychological barrier of 9000 remains a significant potential target. Traders will be closely monitoring these key positions as the market evolves.
