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FTSE100 index “hinting at the presence of bullish momentum”

After starting the previous week on a negative note, the FTSE 100 index recovered some of its losses later in the week to register gains and close above the 20week SMA (currently trading at 6352/55) at 6375.15 on Friday, after touching the 6395.33 level. Although the weekly MACD and RSI trading below their midlines, they are pointing north along with the stochastic moving upwards, hinting at the presence of bullish momentum in the coming session. However, daily RSI and stochastic indicators are showing loss of upward potential, reflecting at the possibility of weakness over daily basis. Immediate daily support to be watched is situated at the 100day SMA (currently trading at 6356/55), followed by the psychological 6300 and 6269/68 levels. A breach below the latter might turn the main trend to bearish. Conversely, immediate technical obstacle to be seen is placed at the crucial 6400 level, followed by the 6453/55 and 6487/90 levels as the next possible resistances.

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