FTSE 100 - Rejection at 200-SMA could prove to be costly
FTSE 100 index of UK listed sharesFXCM
Description
⋅ Resistance – 6154, 6175 (200-SMA), 6232
Support – 6081 (100-SMA), 6054-6036, 6000
- FTSE’s failure to take out 200-SMA yesterday followed by a negative daily closing has increased risk of a drop to 100-SMA support at 6081 levels.
- Daily RSI, at 38, is yet to hit it oversold territory, which indicates room for at least 50 points drop.
- On the other hand, a recovery above hourly 50-MA (seen now at 6123) would shift risk in favor of a re-test of 6175 (200-SMA).
- On larger scheme of things, bearish invalidation is seen only via a day end closing above 6242 (rising channel hu
rdle).