Since the beginning of the year the index gained more than 2.5% plus last week rallied more than 2.0% on a wide range week, breaking above the bullish flag pattern.
The FTSE 100 is in an accumulation phase since the end of last week and is testing the 50-week moving average.
Last week the index rose with a wide range and closed near the high of the week, in addition managed to close above previous week high, suggesting a strong bullish momentum.
The Stochastic is showing an overbought market although is still displaying a strong bullish momentum.
Expecting an upward move to a key level at 6,441 (scenario 1) on a break above the weekly resistance at 6,277 and a bounce off a key level at 6,441 could push the index down a weekly resistance at 6,277 (scenario 2).