FTSE Continues Attempt To Push Higher
James Chen | Oct 16, 2013 11:41PM ET
The FTSE 100 (daily chart) has continued its attempt to push higher after having rebounded one week ago precisely off a key uptrend support line extending back to the May 2012 low around 5225. Last week’s rebound also occurred just under the 6350 support area. Since that rebound, the index has climbed above both the 50-day and 200-day moving averages up to key resistance around the 6535 price region, before stalling yesterday. If recent upside momentum is able to break out significantly above this 6535 resistance, the next short-term price objective to the upside resides around the 6665 price region, and then further up at the 6875 area, which represents the long-term high that was reached in May. Downside support within the context of the ongoing bullish trend currently continues to reside around the noted 6350 price region.
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