FTSE100 – Bears await break below 6780

TVC:UKX   UK 100 Index
Bearish factors –

Bearish crossover between 5-DMA and 10-DMA

Bearish break in daily RSI from rising channel

Increased odds of Fed rate hike

Bullish factors –

Cable weakness &

The index is still above key support level of 6780

Inverted head and shoulder breakout target yet to be achieved

Thus, the overall trend remains bullish unless the index closes below 6780, in which case the corrective move could be extended to 6500 levels.

Bulls should watch out for a rebound from 6780 followed by a break above 10-DMA as it would indicate the rally to 7000 has resumed.


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