FTSE 100 index has formed a bearish harami candlestick pattern

After forming a bearish harami candlestick pattern on the weekly chart for the week ended 22 April 2016, the FTSE 100 index continued to fall in the last week and closed below the 50week SMA (currently trading at 6290) at 6241.89 on Friday. Weekly MACD is treading water just above its centreline while the stochastic and RSI indicators are trading flat above their midlines, reflecting at a mild positive technical picture. However, daily momentum oscillators are trading with a mixed showing, suggesting at neutral technical picture in the near term. The 20day SMA (currently trading at 6282/85) is acting as a crucial resistance, followed by the next ones at the 6321/25 and 6427/30 levels. A sustained break above the latter might trigger bullishness in the index. On the flipside, immediate support is situated at the 6221/20 level, followed by the 50day SMA (currently placed at 6190) and crucial 6150 levels. A breach below the latter might lead to further weakness in the index

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn

    More articles like this

    Hardman & Co

    Cashflow accounting – The need for consistency

    According to the US Securities and Exchange Commission, “Cashflow statements report a company’s inflows and outflows of cash”. This is such a simple and obvious statement. Unfortunately, the failure of accounting bodies around the world to

    FTSE100 Bullish breakout “uptrend in play”

    FTSE 100 The FTSE touched and rejected Friday’s high of 6932 this morning, with the index remaining within a period of sideways consolidation. There is a clear uptrend in play here and as such, the expectation

    FTSE continues to consolidate after rally

    The FTSE has been trading largely sideways since breaking through the major 6237 resistance on Tuesday. Given that rally and the fact that we are only seeing a sideways range rather than any selling pressure, it

    Guardian Stockbrokers

    Todays FTSE100, S&P500, DAX reports

    The Monday open has failed to build on the gains from the end of last week, with the index stuck in the purgatory between the 100-day and 200-day SMAs (roughly 6060 to 6160). Until we have

    Guardian Stockbrokers

    FTSE sells off from resistance

    The FTSE sold off once more from the crucial 6237-6249 resistance zone yesterday, providing the possibility of a bearish head and shoulders pattern, which would require a break below 6006 for completion. Currently the index is