FTSE finished Wednesday at 7117 gaining £76.58. The bulls were in full control, moving the market higher throughout the whole session. Today stocks are set to open higher as the post-US midterm election rally continues. In focus now is the latest monetary policy decision from the Federal Reserve as there are no events expected from UK's economical calendar.
In spite of a weak opening the Footsie managed to close above the prior day's open and close, forming a bullish Engulfing Candle. The index also managed to close back above the 20-day moving average setting a bullish note for today's session. Buying might speed up should prices move above the nearby swing high at 7185 where further buy stops could get activated. This is scenario is not highly likely however, as the RSI looks bearish on the short term.
Support: 7115 / 7040
Resistance: 7185 / 7225