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FTSE hints at bullish momentum in the coming week

After forming a bullish engulfing candlestick pattern on the weekly chart for the week ended 19 February 2016, the FTSE 100 index continued to advance in the previous week and ended at 6096.01 on Friday, after notching a high at 6115.37. A signal line crossover from below by the weekly MACD coupled with the RSI and stochastic indicators sharply heading upwards, hints at the presence of bullish momentum in the coming week. Daily momentum oscillators are pointing north, further supporting the bullish stance. Key daily technical obstacle to be seen resides at 100day SMA (currently trading at 6119/20), followed by the daily upper Bollinger band (currently placed at 6174/75) and 6200 levels. A move back above the latter might lead to further positivity in the index. On the flipside, key daily support to be watched is located at the crucial 6050 level, followed by the 6019/15 and 5975 levels.

Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.