Technical Analyst, Saxo Bank Group
Summary: FTSE100 is closing in on its all-time high where a correction should be expected to kick in
Mid-cap index FTSE250 has broken strong resistance and set for higher levels
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Today's Market Quick Take from the Saxo Strategy Team
FTSE100 has been shooting higher closing in on 200% of the December correction and close to its all-time high. A spike up to around that level seems highly likely but then one should expect a correction
If fTSE100 slides back below 7,684 it could be hit by a larger correction down to around 7,536-7,435
After a couple of failed attempts FTSE250 managed to close above resistance at around 19,616 and is now set for higher levels. Next resistance at around 20,467 close to the 1.618 projection of the December correction.
If FTSE250 slides back to close below 19,317 bear trend is likely to resume for a sell off down to around 18,495
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