FTSE 100 may challenge all-time highs again
Friday’s bounce in risk appetite proved there is life in the current rally yet, with moves higher across major indices restoring the bullish outlook. In the UK, Kraft’s (now abandoned) bid for Unilever helped to add around 13 points to the index. Early on in the session today we have seen the price start to nudge through last Wednesday’s high around 7315, so if this continues the run at the all-time high at 7360 is back on.
The uptrend off the February low held, with the price dipping towards, but not actually testing, the trendline. Bears need to get the price back below 7260, which has acted as very strong support on the hourly chart over the past week.