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FTSE100 MACD is pointing south

After forming a bearish engulfing candlestick pattern on the weekly chart for the week ended 30 October 2015, the FTSE 100 index continued to decline in the previous week, ending at 6353.83 on Friday, after making a low at 6332.73. On the daily chart, MACD is pointing south along with the stochastic tranquil below its midline, suggesting weakness in the near term. 8H momentum oscillators are also trading with a bearish bias further supporting the above stance. However, weekly momentum oscillators are trading with a mixed bias, hinting at a neutral technical picture. Important near term support is located at the 6300 level, followed by the next ones at the 50day SMA (currently placed at 6230) and 6200 levels. A breach below the latter might trigger further acceleration to the downside. On the other hand, 100day SMA (currently trading at 6412/15) is acting as a key daily resistance, followed by the daily upper Bollinger band (currently placed at 6446/50) and 6500 levels. A move back above the latter might turn the main trend to bullish.

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