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The FTSE 100 signal line crossover, negative tone ?

The FTSE 100 index is trading sideways for last four consecutive sessions on the weekly chart. On Friday, the index closed at 6106.48, following a low at 6090.03. Daily MACD has witnessed a signal line crossover along with the RSI and stochastic trading with a negative tone, hinting at weakness in the near term. Weekly MACD and RSI are trading below their midlines along with the stochastic showing loss of upward potential, further endorsing the above view. Weekly support is placed at the 6036/30 levels, followed by 5877/71 and 5720 levels. A move back below the latter might trigger bearish momentum in the pair, paving way for the 5500 level. On the contrary, important weekly technical obstacle is placed at the 6314/20 level, followed by the 200day SMA (currently placed at 6418/20) and 100day SMA (currently placed at 6554/55).

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