FTSE 100

Current price: 5979.85

The index is up 22% from its March lows. This is a significant bounce and the low is likely to see strong buying interest if prices move back towards it. What lies ahead? Prices have broken out from an area of consolidation, this is bullish for the index in the near term. If the index continues to trade above 5800, the likely target for this move is 6300. This is not without resistance along the way. The index is likely to face strong selling pressure upwards of 6050 and will require continuous buying interest to arrive at the target of 6300. On the downside, a close below 5800 could take the index to an intermediate support area between 5400 and 5500.