The FTSE100 reaches a new all-time high

The FTSE 100 index set a slightly higher record on Tuesday, continuing its strong bullish momentum for the third consecutive day.

Significant gains in UK defense stocks, food producers, and retailers, combined with a weaker pound and rising commodity prices, fueled the robust advance of the blue-chip index.

Positive daily indicators support the uptrend, but overbought conditions suggest the possibility of partial profit-taking after the index’s 2.8% rise over the past three days.

Any pullback should find support around the 7950/30 zone (Fibonacci 38.2% of the 7746/8076 rally and the converged 10/20-day moving averages), creating an opportunity for a renewed push higher and a potential challenge of Fibonacci projections at 8117 and 8161 (123.6% and 138.2% levels, respectively).

However, a break below this zone and a loss of the 7900 area could shift the near-term focus downward.

Res: 8076; 8117; 8161;8200

Sup: 8000; 7950; 7930; 7900