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Bullish FTSE 100 index “strong technical outlook”

After forming a bullish engulfing candlestick pattern on the weekly chart for week ended 19 February 2016, the FTSE 100 index traded higher for a third consecutive week and closed at 6199.43 on Friday, after hitting a high at 6204.14. Weekly MACD and RSI are heading towards north coupled with the stochastic indicator trading flat above its 50line, reflecting at a strong technical outlook. On the daily chart as well, momentum oscillators are pointing upwards, suggesting at potential bullishness in the near term. Hourly momentum oscillators are trading with a positive bias, further confirming the bullish view. Important daily resistance to be watched is situated at the 6239/44 level, followed by the 6284/85 and daily upper Bollinger band (currently trading at 6312/15) levels. A clear break and stability above the latter might lead to further acceleration to the upside. On the other hand, key daily support to be seen is located at the 6130 level, followed by the 100day SMA (currently placed at 6109/05) and 6088/79 zone.

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