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The FTSE 100 index started the week sharply lower, breaching below the 200 day SMA

The FTSE 100 index started the week sharply lower, breaching below the 200 day SMA (currently placed at 6739/49), only to recover slightly towards the end of the week to close at 6585.78 on Friday. Daily momentum oscillators are trading with a bearish momentum suggesting weakness in the coming sessions. 8H momentum oscillators are also trading below their midlines further validating the downside stance. Key daily support is placed at the lower Bollinger band (currently placed at the 6540), followed by the 6520/10 and 6450/40 levels, a move back below the latter might lead to further acceleration to the downside. On the bright side, immediate resistance is placed at the 6710 level, followed by the 6727/40, 6843/50 and 6869/75 levels. A break above the latter is required to negate any bearishness in the near term.

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