The index has been in an uptrend for the majority of Monday, will it break the resistance in the upcoming days?

UK's new finance minister, Jeremy Hunt, has announced the government's plans to scrap almost all planned tax cuts. The Conservative Party hopes that Hunt will guide the country and its economy in the right direction after markets cheered from his comments. Therefore, taking a look at the FTSE100, the index is currently trading at 6,955. Applying the Fibonacci retracement to the chart, the first resistance level sits at 6,978 followed by a major resistance level at 7,014 (38.2% fib level). A break above the 38.2% fib could see the index climb towards the 50% fib, where the next resistance sits at 7,110. Towards the downside, the first support level sits at 6,895 (23.6% fib) followed by a further support level at 6,794. A break below 6,794 could see the FTSE100 slide towards the major support at 6,704, which would suggest signs of recovery and growth are still nowhere to be seen. Looking at the indicators, MACD is currently neutral and RSI reads 46, overall suggesting a neutral position. .