FTSE roars higher, jumps above strong resistance


The Footsie index was trading 1.5% stronger on Monday, outperforming other indices by a large margin, and it managed to get above the important resistance of 6,700 GBP.

The index broke above 6,600 GBP, where another selling area was seen, which prompted the ongoing rally. As long as the Footsie trades above 6,700 GBP, the short-term outlook seems bullish, and dips toward this area are expected to be bought.

Bulls will most likely target the 6,800 GBP level before the current cycle highs of 6,900 GBP.

The UK has one of the hardest lockdowns, which should be very bullish for stocks, but since the response by the BoE was light, compared to other central banks, the FTSE 100 index has been underperforming other indices. 

Alternatively, if the 6,700 GBP support is broken down, the index might decline toward 6,600 GBP. 

The US markets are closed today due to the President's Day holiday, meaning liquidity and volatility will most likely be minimal throughout the day. 
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