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FTSE 100 index “potential upside momentum in the near term”

The FTSE 100 index recorded marginal gains in the previous week to settle at 6156.32, and touched the 6215.88 level on Tuesday. Although the daily MACD is trading in the negative territory, RSI and stochastic are sharply heading higher, hinting at potential upside momentum in the near term. Signal line crossover by the 8H MACD from below along with the RSI and stochastic trading with a bullish bias, further validates the above view. Meanwhile, weekly momentum oscillators are trading with a mixed showing, reflecting at a neutral technical picture. Crucial daily resistance to be watched is placed at the 20day SMA (currently placed at 6179/85), followed by the 50day SMA (currently located at 6202/10) and 6270 levels. A break above the latter might trigger further upside momentum in the index, paving way for the psychological 6300 and 6381/90 levels. On the contrary, important daily support is situated at the 6032/30 level, followed by the 6000 and 5948/40 levels

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