FTSE 100 outlook – bears would cheer day end close below 6061
Resistance – 6100, 6163, 6200
Support – 6061, 6036.70, 6000
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.