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FTSE100 – 6938 is line in sand today

TVC:UKX   FTSE 100
The index is flirting with the rising trend line support of 6938 levels.

A day end close today below 6938 would be a final blow to bulls, thus opening doors for a much deeper retracement to 6700 levels next week. Moreover, the indicators – RSI and MACD on 4-hr chart are still yet to hit oversold territory and signal loss of momentum .

Only a daily close above 6938 would leave the doors open for a possible rise back to 7000 levels.
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