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FTSE100 Technical Analysis for the week ahead from Guardian Stockbrokers.

Following the formation of a shooting star candlestick pattern on the weekly chart for week ended 31 December 2015, the FTSE 100 index has continued to decline in the previous week, closing at 5804.10 on Friday, after making a low at 5769.23. Weekly MACD is trading in the negative region and the RSI & stochastic indicators are also heading lower, reflecting at a bearish technical outlook. On the daily chart as well, momentum oscillators are sharply moving lower, further confirming the bearish stance. Immediate daily support to be watched resides at the daily lower Bollinger band (currently trading at 5765), a move back below the latter might lead to further acceleration to the downside. However, a lower Bollinger band crossover on the weekly chart suggests that the index might witness some recovery in the near term. Key daily resistance to be seen is situated at the crucial 5850 level, followed by the 5934/35 and 6011/15 levels.

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