Despite the UK entering a hard lockdown a couple of days ago, the FTSE 100 is up 15% in two weeks. Extreme optimism from the new vaccine won't mitigate the current economic damage, which will be felt for many years. Nevertheless, stocks are soaring like there is no tomorrow, and bulls are fully in control.
The next resistance is at summer highs near 6,500 GBP, and it looks like this level will be broken to the upside tomorrow. The next target will then be at 7,000 GBP.
The support is now at around 6,320 GBP, where previous highs are seen from the intraday perspective. As long as the Footsie trades above that level, the short-term trend seems bullish.
The medium-term support could now be in the 6,200 GBP area, where the 200-day moving average stands.
