Technical Analysis of FTSE 100
The FTSE 100 has been in an uptrend since the beginning of the year with strong resistance at 5915. After trading in an undecided territory within the 5.880-5.915 range the FTSE broke the sideways channel below 1.588 on news that euro zone finance official are considering delaying the second bailout for Greece and following Wednesday’s labour market report that painted an even gloomier picture for the UK market. At the moment the market is hovering around support at 5.844. The bearish crossover of MA20 below MA50 on the hourly chart and the bearish line capping RSI indicate a correction that favours short positions with target at 5.771, the 38.2% Fibonacci level between January’s lows at 5700 and February’s highs at 5.915.
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