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FTSE 100 index “a bullish technical picture”

After trading lower for three consecutive weeks, the FTSE 100 index traded in the positive territory in the previous week and ended at 6334.63 on Friday, after notching a high at 6360.73. On the weekly chart, although the MACD is trading in the negative territory, the RSI and stochastic indicators are pointing north, reflecting at a bullish technical picture. Daily MACD is attempting a signal line crossover from below coupled with RSI and stochastic indicators trading above their midlines, further endorsing the bullish view. 100day SMA (currently trading at 6365) is acting as a key daily resistance, followed by the psychological 6400 and 6453/55 levels. A move back above the latter might trigger further upside momentum in the index. On the downside, key daily support is situated at the 20day SMA (currently placed at 6319/15), followed by the next ones at the 6268/65 and crucial 6225 levels. A breach below the latter might lead to bearishness in the index

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