FTSE 100 does the double

London's FTSE 100 index made another record high Thursday, three weeks after finally breaking above its previous 15-year best. The leading index ran into some selling in the days following that landmark moment. In fact, it had its worst day of the year so far, hammered by losses among oil stocks and at Prudential.

Now the blue chip index has done the double. It not only made a new intraday high - 6,982.79 - but also a record close, at 6,962.32.

Coincidently, it the same heavyweight miners responsible for the previous best on 24 February that made today's 17-point gain possible. Fresnillo jumped by 5%, Randgold Resources 3%, Antofagasta 2% and BHP Billiton 1.9%, all have sold off heavily in the past month. M&S, Tullow Oil, Friends Life (FLG) and Aviva gatecrashed the list of top performers.

But what now? Last time we hit a new high the market gave way within days.

(Click to enlarge)

"Anything now above 6998.5 suggests an initial 7,047 with secondary 7,101," says Alistair Strang, a technical analyst at Trends & Targets. "If they try a slowdown, it needs to fall below 6,860 to break the immediate trend. In theory, weakness below 6,930 allows an initial 6,890 and only if such a point is broken dare we start suspect some weakness may be present as it would outperform a drop target."

There could be a near-term shorting opportunity, according to Alistair's charts, although he insists the index is heading to 7,047. That could serve as a warning to those traders who open a short at 7,000 with a tight stop.

Of course, the upcoming general election in May could keep a lid on further substantial gains, although one suspects a peak above the 7,000 level is on the cards between now and May 7.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.