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FTSE100 “long bearish candlestick”

After trading higher for three successive weeks, the FTSE 100 index posted significant losses last week and formed a long bearish candlestick on the weekly chart to close at 5912.44 on Friday. Signal line crossover from above by the weekly MACD along with the RSI and stochastic indicators grinding lower, hints at the presence of bearish momentum in the coming week. Daily MACD is trading in the negative region coupled with the RSI and stochastic indicators heading sharply downwards, further endorses the above view. Important daily support to be watched is placed at the 5887/85 level, followed by the next ones at the daily lower Bollinger band (currently trading at 5831/30) and psychological 5800 levels. A breach below the latter might lead to negativity in the index. On the bright side, immediate daily resistance to be seen is located at the crucial 5980 level, followed by the 6013/15 and 6067/70 levels

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