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Hugo in HTO Trading,

FTSE 100: Found support at 2015 and 2016 high

Since the beginning of the year the main UK index gained almost 2.0% and last week alone rose more than 1.0% in addition it continues in a bullish phase since mid-December 2016.

Last week the index rallied with a wide range and closed near the high of the week, also managed to close above the previous week high, which suggests a strong bullish momentum.

The stochastic is showing an overbought market although it continues to display a strong bullish momentum.

Expecting an upward move to a Fibonacci extension at 7,499 (scenario 1) on a break above the previous week high at 7,208 although a bounce from the key level at 7,287.5 could set in motion a profit taking down to the 2015  and 2016 high at 7,084.5 (scenario 2).