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The FTSE 100 index reflects at a bearish technical picture

The FTSE 100 index extended its earlier week losses and posted a significant decline in the last week. The index dipped below the daily lower Bollinger band (currently placed at 6028/25) to end at 5952.78 on Friday, after nudging as low as 5949.84. Signal line crossover from above by the weekly MACD coupled with the RSI and stochastic indicators grinding lower, reflects at a bearish technical picture. On the daily chart as well, momentum oscillators are trading with a negative bias, further confirming the bearish view. Immediate daily support to be watched is situated at the 5935/33 level, followed by the next ones at the psychological 5900 and 5877/75 levels. A breach below the latter might trigger further weakness in the index. However, a lower Bollinger band crossover on the daily chart suggests that the index might witness some recovery in the near term. Key technical obstacle to be seen is placed at the psychological 6100 level, followed by the crucial 6127/35 and 6175/80 levels.

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