FTSE: Bullish and bearish scenario explained.

TVC:UKX   UK 100 Index
The UK index was strongly sold near the 7,730 Resistance this month and has so far reacted with a decline. This drop is so far being contained on the 1D MA200 (orange line). 1D has turned neutral ( RSI = 47.582, MACD = 11.270, ADX = 21.739) which is normally an indication of support.

Following the Golden Cross late in December, this sequence is similar with the last Golden Cross occurrence in April, 2019. Same pattern with a top afterwards, rejection and support on the 1D MA200. So as long as the orange rectangle (seen on the chart) holds, we are bullish towards 7,670 - 7,730. If the orange barrier breaks, then selling will most likely escalate towards the 7,000 1W Support.

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