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FTSE RSI and stochastic indicators are sharply pointing towards north

After trading with a bearish tone for two straight weeks, the FTSE 100 index recouped some of its losses and posted significant gains in the previous week to end at 5950.23 on Friday, after touching the 6036.46 level on Thursday. As of now, weekly RSI and stochastic indicators are sharply pointing towards north, hinting at the presence of bullish momentum in the coming week. However, formation of a bearish harami candlestick pattern on the daily chart on Thursday along with the RSI and stochastic indicators are showing loss of upward potential, suggesting at a weak daily technical picture. Key daily support to be seen is located at the 5916/15 level, followed by the next ones at the 20day SMA (currently trading at 5861/60) and 5825 levels. A move back below the latter might lead to downside momentum in the index. On the bright side, key daily technical obstacle to be watched resides at the psychological 6000 level, followed by the 6030/36 and 6075 levels.

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