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FTSE100 Weekly Technical Report: potential upside momentum near term

After forming a bullish engulfing candlestick pattern on the daily chart on 30 September 2015, the FTSE 100 index continued to trade higher last week and settle at the 6129.98 on Friday, following a high at 6176.20. Although the daily RSI is trading just below its midline, MACD and RSI are trading with a mild bullish bias, suggesting potential upside momentum in the near term. However, the weekly momentum oscillators are trading with a negative bias, suggesting bearishness in the coming session. Important daily technical obstacle to be seen is situated at the 6200 level, followed by the 6263/65 and 6309/10 levels, a break above the latter might trigger further upside potential in the coming session, paving way for the 6367/70 and 6400 levels. On the contrary, important support to be watched is placed at the 6019/10 level, followed by the 5898/90 and 5800 levels. A move back below the latter might trigger weakness in the index.

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