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FTSE100 suggesting weakness in the coming sessions

Formation of a long bullish candle on the daily chart on the 5 August 2015 in the previous week helped the FTSE 100 index to end on a positive note at 6718.49 on Friday, following a high at 6764.82. Although the daily MACD crossed over the centreline to trade in the positive territory, the RSI and stochastic indicators are heading lower, suggesting weakness in the coming sessions. On the 8H chart, RSI and stochastic indicators are heading sharply lower, further validating the above stance. Overall weekly technical picture also appears to be gloomy, as the RSI and stochastic are heading south. The psychological 6600 level is acting as an immediate weekly support, followed by the 6534/25 and 6430/20 zones, a move back below the latter might lead to further bearishness in the coming session. On the contrary, the psychological 6800 level is acting as a strong resistance since past few sessions, a clear break and stability above which might lead to further strength in the index, paving way for the 6845/65 and 6960/74 zones.

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