FTSE 100 has risen sharply, and analysts at Credit Suisse expect further strength to unfold for a break above the 6904 recent high, with next resistance seen at 7004 ahead of “pre-pandemic” neckline resistance at 7042/45.
Key quotes
“The FTSE 100 has broken sharply higher above price resistance at 6573/77, easing the prior downside pressure, and we therefore change our tactical view to bullish.”
“We expect a break above 6802 to reassert upward pressure again for a retest of the 6904 recent high, then the ‘neckline’ to the top completed last February at 7004, with scope for the ‘pre-pandemic’ neckline at 7042/45.”
“Immediate supports are seen at 6610 and then 6590/84, which is today’s hourly chart gap support. Below we see support next at the cluster of the 13-day exponential average at 6568, before the 63-day average at 6551, which needs to hold to avoid thoughts of a renewed trading range environment.”
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