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FTSE100 Index “potential positive momentum in the coming session”

The FTSE 100 index recorded mild losses in the previous week moving as low as 6268.29 on Wednesday and settling at 6378.04 on Friday. As of now, daily momentum oscillators are trading above their midlines and pointing north, suggesting potential positive momentum in the coming session. 8H momentum oscillators are tranquil above their midlines, further endorsing the above stance. Overall weekly technical picture also appears to be bright as the MACD is heading upwards along with the stochastic trading with a bullish bias. Important daily technical obstacle is placed at the 100SMA (currently placed at 6477/80), followed by the upper Bollinger band (currently situated at 6526/30) and 200SMA (currently placed at 6675). A clear break above the latter might trigger further acceleration to the upside, paving way for the 6869/70 and 6950 levels. On the downside, the 50day SMA (currently located at 6236/35) is acting as an immediate support level, followed by the 6186/80 and 6051/50 levels as the next downside targets.

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