FTSE 100 INDEX: WEEKLY SCENARIO

FTSE 100 INDEX Technical Analysis: Weekly Chart

In the weekly charts, FTSE 100 INDEX was trading in an up channel. FTSE 100 INDEX is currently trading below all SMA except MA (20).

RSI is in the buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 7300 & the resistance level is at 7800

FTSE 100 INDEX was traded in an up channel before a downside reversal.

FTSE 100 INDEX Technical Analysis: Daily Chart

In the daily charts, FTSE 100 INDEX is trading in a down channel. FTSE 100 INDEX is currently trading below all SMA.

RSI is in the buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 7400 & the resistance level is at 7600

FTSE 100 INDEX will trade in a down channel until there is a trend reversal.  

How to Trade FTSE 100 INDEX this Week:

FTSE 100 INDEX will follow the downtrend until its trend reversal. So, remain bearish on FTSE 100 INDEX

TRADE SUGGESTION- SELL AT 7516.90, TAKE PROFIT AT 7400.00, AND STOP LOSS AT 7600.00