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FTSE100 Index “bearish momentum in the coming week”

Following two consecutive bullish weeks, the FTSE 100 index weakened in the previous week and ended at 5848.06 on Friday, after making a low at 5839.36. Weekly MACD is trading in the negative territory along with the stochastic and RSI indicators are sharply heading lower, hinting at the presence of bearish momentum in the coming week. On the daily chart as well, momentum oscillators are trading with a bearish bias, further confirming the above stance. Key daily support to be watched is located at the psychological 5800 level, a move back below which might lead to further negativity in the index, clearing way for the 5771/68 and crucial 5725 levels as the next possible downside targets. On the bright side, the 20day SMA (currently placed at 5895) is acting as an important daily technical obstacle, followed by the next ones at the 5938/45 and 6011/15 levels. A break above the latter might trigger upside momentum in the index.

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