The FTSE 100 currently trading at around 7904. Gradually approaching the major resistance sitting at 7976, although the RSI suggests 'overbought' conditions.

The FTSE 100 index is currently trading at around 7904. From a technical aspect, we can see the steep bullish trend it has been on since 20^th of March. Still gradually rising along the ascending trendline, with support sitting firmly below. Support is sitting at 7885, which is along the trendline. A break and close below this trendline may see the index retrace further towards 7851 then 7796. A fall below 7796 could see a further decline towards 7727 followed by 7630. Towards the upside, resistance major resistance sits at 7976, highlighted by the horizontal trendline. A break above this level may see the FTSE edge back up towards its all-time high set in February. Looking at the technical indicators, MACD is neutral and RSI is positive as it reads 75. Although RSI is suggesting ‘overbought’ conditions. Therefore, investors should be wary when placing trades as a retracement could occur.