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FTSE 100 index “Tehnical analysis for the week ahead”

After forming a hammer candlestick pattern on the daily chart on 16 June 2016, the FTSE 100 index continued to trade higher till Thursday. However, the index posted significant losses on Friday, only to record marginal weekly gains and close at 6138.69. As of now, weekly momentum oscillators are tranquil below their centrelines, suggesting a bearish technical picture. On the daily chart, formation of a long bearish candlestick pattern coupled with the momentum oscillators sharply moving south, further confirms the bearish stance. The psychologically important 6100 level is acting as a key near term support, followed by the 6059/48 zone and 6006/00 level. A move back below the latter might lead to bearish pressure on the index. Conversely, key resistance to be seen is located at 20day SMA (currently trading at 6166/70), followed by the 50day SMA (currently trading at 6199/6200) and 6237/40 levels. A surge above the latter might further strengthen the index.

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