FTSE – Golden crossover, but…

FX:UK100   FTSE 100 Index
42 0
Daily Chart – Stuck between 200-SMA & 100-SMA

Resistance – 6181 (200-SMA), 6231

Support – 6080 (50-SMA) – 6072, 6036

  • Breach of rising channel earlier this week followed by a drop below 200-SMA yesterday and bearish daily RSI indicates prices could be heading lower to strong support at 6080 (50-SMA) – 6072 (38.2% of Feb low-Apr high).
  • Uptick witnessed today could be short lived given the wobbly oil prices and bearish daily RSI that is pointing to further losses.
  • The bullish crossover or ‘golden cross over’ between 50-SMA and 200-SMA is a good news on paper unless prices move back above 6237 (Mar 18 high).

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