FTSE 100 loses upside momentum
The FTSE 100 retracement from its near three and a half month mid-June high at 8902 has taken it to last week’s 8695 low before recovering to Monday’s 8818 high.
Together with the late May high at 8824 this week’s high acts as short-term resistance with the April to July support line at 8759 acting as minor support.
Were it to be slipped through, the 23 June low at 8720 may be revisited and perhaps also last week’s low at 8695.
A fall through 8695 would likely engage the 55-day simple moving average (SMA) at 8659 and perhaps also the 23 May low at 8601. While this level holds, the medium-term uptrend remains intact.
Were the 8818 to 8824 resistance area to be exceeded, the 19 June high at 8867 would probably be targeted. If bettered, the mid-June 8902 high and also the March all-time high at 8909 may be back in the frame. Still further up lies the psychological 9000 region which represents another potential upside target.
FTSE 100 daily chart
