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FTSE100 MACD is pointing south

After forming a bearish engulfing candlestick pattern on the weekly chart for the week ended 30 October 2015, the FTSE 100 index continued to decline in the previous week, ending at 6353.83 on Friday, after making a low at 6332.73. On the daily chart, MACD is pointing south along with the stochastic tranquil below its midline, suggesting weakness in the near term. 8H momentum oscillators are also trading with a bearish bias further supporting the above stance. However, weekly momentum oscillators are trading with a mixed bias, hinting at a neutral technical picture. Important near term support is located at the 6300 level, followed by the next ones at the 50day SMA (currently placed at 6230) and 6200 levels. A breach below the latter might trigger further acceleration to the downside. On the other hand, 100day SMA (currently trading at 6412/15) is acting as a key daily resistance, followed by the daily upper Bollinger band (currently placed at 6446/50) and 6500 levels. A move back abov

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FTSE100 “RSI and stochastic are heading lower”

The FTSE 100 index posted significant losses last week and finished below the 200 week SMA (currently trading at 6381/85) at 6361.09 on Friday, after making a low at 6337.65. Although the weekly MACD is pointing north, RSI and stochastic are heading lower, hinting at the presence of bearish momentum in the coming week. Following the formation of a bearish harami candlestick pattern on the daily chart on 29 October 2015, the index has reversed its uptrend and continued to trade with a negative tone. Moreover, signal line crossover by the daily MACD from above along with the RSI and stochastic indicators grinding lower, further endorses the downside view. Important daily support to be seen is situated at the 6317/14 level, followed by the daily lower Bollinger band (currently placed at 6273/70) and 6250 levels. A breach below the latter might trigger bearishness in the pair. On the bright side, important near term resistance is located at the 20day SMA (currently trading at 6371/75), fol

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FTSE100 MACD is pointing north along with the RSI

In the previous week, the FTSE 100 index started on a negative note, reversing its trend later in the week and only to post small weekly gains. The FTSE 100 index closed at 6444.08 on Friday, after hitting a high at 6487.89. Currently, weekly MACD is pointing north along with the RSI and stochastic heading upwards, suggesting at potential bullish momentum in the coming week. Moreover, daily MACD and is trading in the positive territory, along with the RSI and stochastic trading with a bullish bias, further endorsing the above view. Important daily obstacle to be seen is situated at the 6486/90 level, followed by the 6525 and 6558/60 levels. The ability to capture the latter on a weekly closing basis might trigger bullishness in the index, clearing way for the daily upper Bollinger band (currently trading at 6587/90) and 6635 as the next potential resistances. On the other hand, important near term support is located at the 6428/25 level, followed by the 6391/90 and 6317/14 levels

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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 t

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FTSE Technical for the week ahead with a close above the crucial 200week SMA

After trading sideways for a last few sessions on the weekly chart, the FTSE 100 posted significant gains in the previous week and posted a close above the crucial 200week SMA (currently placed at 6368/70) at 6416.16, after hitting a high at 6453.22. As of now, weekly RSI and stochastic are heading sharply higher, along with the MACD moving north, hinting at a bullish momentum in the coming session. Daily MACD and RSI indicators are also pointing north, further endorsing the above stance. However, a potential upper Bollinger band crossover on the daily chart, suggests that the pair is likely to witness correction in the near term. Immediate weekly resistance is situated at the 20SMA (currently placed at 6499/6500), followed by the 50 and 100SMA (currently situated at 6673/80) and 6800 levels. A clear and sustained break above the latter might trigger further acceleration to the upside. On the downside, important support is located at the 6021/20 level, followed by the 5933/30 and 5877/

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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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FTSE100 Analysis: “potential positivity in the coming session”

After oscillating between gains and losses on the daily chart, the FTSE 100 index recorded a doji for a second consecutive week and finished at 6109.01 on Friday, after moving as low as 5933.23 level on Wednesday. Daily momentum oscillators are pointing north, suggesting potential positivity in the coming session. Formation of a bullish engulfing candlestick pattern on the 8H chart along with a signal line crossover by the 8H MACD from below and RSI & stochastic indicators trading with a bullish bias, further endorses the above view. However, weekly technical outlook appears to be bearish as the momentum oscillators are trading with a negative bias. Immediate weekly technical obstacle is placed at the psychological 6200 level, followed by the 200week SMA (currently placed at 6360) and 6400 levels. A move back above the latter might lead to strength in the pair, clearing way for the 20week SMA (currently placed at 6570) and 50week SMA (currently situated at 6676/80) as the next pote

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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

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