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FTSE 100 index has formed a bearish harami candlestick pattern

After forming a bearish harami candlestick pattern on the weekly chart for the week ended 22 April 2016, the FTSE 100 index continued to fall in the last week and closed below the 50week SMA (currently trading at 6290) at 6241.89 on Friday. Weekly MACD is treading water just above its centreline while the stochastic and RSI indicators are trading flat above their midlines, reflecting at a mild positive technical picture. However, daily momentum oscillators are trading with a mixed showing, suggesting at neutral technical picture in the near term. The 20day SMA (currently trading at 6282/85) is acting as a crucial resistance, followed by the next ones at the 6321/25 and 6427/30 levels. A sustained break above the latter might trigger bullishness in the index. On the flipside, immediate support is situated at the 6221/20 level, followed by the 50day SMA (currently placed at 6190) and crucial 6150 levels. A breach below the latter might lead to further weakness in the index

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