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FTSE100 – Record high and bearish divergence

TVC:UKX   FTSE 100
The mining heavy FTSE100 index clocked a record high of 7129.8 levels before retreating to 7090.00 levels.

Outlook

On the 4-hr chart, we have a bearish price RSI divergence which suggests a temporary top is in place at 61.29 levels and the index could retreat to strong support level of 7000.

A daily close below 7000 would open doors for a much deeper retracement to 6831 levels.
On the higher side, doors are open for further gains if we see a daily close above 7129 levels.


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