FTSE 100 Weekly Analysis: Downside Trend in Focus
30 May 2023
FTSE 100 WEEKLY SCENARIO
FTSE 100 TECHNICAL ANALYSIS: WEEKLY CHART
In the weekly chart, FTSE 100 is trading in an up channel.
FTSE 100 is currently trading below 5&20 SMA.
RSI is in buying zone, which shows bullishness. Stochastic is suggesting a downtrend.
Its immediate support is at 7583.8 & the resistance is at 7662.5
After trending upward on the weekly chart, the FTSE 100 reversed trend and began trading to the downside. and it is currently trading at a crucial support level; if this level is broken, we might see a decline to the second-critical zone.
FTSE 100 TECHNICAL ANALYSIS: DAILY CHART
In the daily chart, FTSE 100 is trading in the down channel.
FTSE 100 is currently trading below all SMA.
RSI is in the selling zone, which shows bearishness. Stochastic is suggesting a downtrend.
Its immediate support is at 7590.0 & the resistance is at 7642.5
On the daily chart, the FTSE 100 is steadily falling and trading in a downward channel. Currently, the FTSE 100 is trading in an important zone; if this support is broken, more decline is expected.