FTSE 100 outlook – bears would cheer day end close below 6061

Indice FTSE 100 des compagnies britanniques cotées (FX:UK100)

FX:UK100 Indice FTSE 100 des compagnies britanniques cotées

uk100 ftse trading equity stocks

Resistance – 6100, 6163, 6200

Support – 6061, 6036.70, 6000

FTSE’s failure to take out weekly 200-MA in late April followed by a sell-off and drop below daily 200-SMA restricted the buying interest this week.

We also saw a failure to take out daily 200-SMA hurdle yesterday followed by a bearish move today. The entire price action suggests bears are in control and may gain more strength if prices see a day end closing below 6061, in which case psychological support at 6000 could be put to test next week.

Note the falling top formation on daily chat and RSI at 36.00, which indicate room for further downside. Short-term bearish invalidation is seen only above daily 200-SMA level.

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