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FTSE100 outlook: “MACD and RSI are pointing upwards”

After forming a bullish harami candlestick pattern for the week ended 22 January 2016, the FTSE 100 index continued to surge in the previous week and settled at 6083.79 on Friday. On the weekly chart, the MACD and RSI are pointing upwards along with the stochastic indicator sharply heading north, reflecting at a strong technical outlook. Daily stochastic and RSI indicators are trading with a bullish bias coupled with the MACD is moving towards north, further supporting the above view. The psychologically important 6100 level is acting as an immediate daily resistance, followed by the next ones at the daily upper Bollinger band (currently placed at 6130) and 6160 levels. A surge above the latter might trigger further strength in the index. On the downside, daily support to be watched resides at the crucial 6050 level, followed by the 6019/15 and 5975 levels. A breach below the latter might turn the main trend to bearish.

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