FTSE 100 outlook – bears would cheer day end close below 6061

FX:UK100   FTSE 100 Index
Resistance – 6100, 6163, 6200

Support – 6061, 6036.70, 6000

  • FTSE’s failure to take out weekly 200-MA in late April followed by a sell-off and drop below daily 200-SMA restricted the buying interest this week.
  • We also saw a failure to take out daily 200-SMA hurdle yesterday followed by a bearish move today. The entire price action suggests bears are in control and may gain more strength if prices see a day end closing below 6061, in which case psychological support at 6000 could be put to test next week.
  • Note the falling top formation on daily chat and RSI at 36.00, which indicate room for further downside. Short-term bearish invalidation is seen only above daily 200-SMA level.
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