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FTSE100 – No signs of bull market complacency

TVC:UKX   UK 100 Index
Good news is here for FTSE100 bulls. There are no signs of typical bull market complacency in the recent rally in the mining heavy index, said Richard Hunter, Head of Research at Wilson King Investment Management.

Wilson joined us on today’s London open show and talked about the likelihood of the index heading towards/breaching 7000 levels. Check the entire video here – https://www.youtube.com/watch?v=_g55kn4N...

Technical outlook – Bulls reinforced on Friday

Friday’s big green candle engulfs all daily candles from August 18th, thus suggesting the index is on track to test/breach the magical figure of 7K.

The daily MACD is once again bottoming out, while the RSI is looking northwards and is well short of overbought territory. On the monthly time frame, both RSI and MACD remain in favor of a bullish move.

The writing on the wall is quite clear – pullbacks are likely to see fresh buying and the index is on track to breach 7K levels.

Still, bulls need to observe caution each time the index drops below 6780.
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