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FTSE “Bullishness in the coming week?”

After trading weaker for three consecutive weeks, the FTSE 100 index rebounded in the last week and closed at the psychological 5900.01 on Friday, after moving as high as 5926.94. Although the weekly MACD is trading in the negative zone, the RSI and stochastic indicators are sharply heading upwards, hinting at the potential bullishness in the coming week. Formation of a bullish harami candlestick pattern on the daily chart on Thursday along with the momentum oscillators trading with a bullish tone, further confirms the above view. Key daily technical obstacle to be watched resides at the 5926/30 level, followed by the next ones at the 20day SMA (currently trading at 5995/6000) and 6050 levels. A clear break and stability above the latter might turn the main trend to bullish. On the other hand, important daily support to be seen is situated at the 5874/71 level, followed by the crucial 5800 and 5773/68 levels.

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