FTSE100 – Gap up open likely…but caution warranted

TVC:UKX   FTSE 100 Index
Risk-on seen in the Asian stocks on dovish Fed is likely to hit the European shores as well. Hence, the index is likely to open higher, however, caution is warranted as we have back to back daily candles with higher upper shadows suggesting exhaustion.

Thus, upticks could be met with profit taking, leading to a retreat to strong support area of 6800-6779. Overall, the outlook remains bullish given the daily RSI too has breached the descending trend line .

On the higher side, 6900 ( trend line drawn from Aug 15 high – Sept 2 high) is a strong resistance, which needs to be breached on day end closing basis.
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