FTSE 100 : The bearish trend can resume
Date of analysis 01 December 17
- Opinion Short Term Negative
- Resistance 1 7622.78PTS
- Support 1 7243.61PTS
- Opinion Mid Term Bearish
- Support 2 7180.41PTS
- Resistance 2 7685.98PTS
Below 7622.78 PTS the major trend remains bearish 7243.61 PTS and then 7180.41 PTS are in the line of sight. The surpassing of 7622.78 PTS would cancel this anticipation and favor a recovery toward 7685.98 PTS.
The MACD is negative and lower than its signal line. This configuration is damaging the index perspectives. The RSI is not yet indicating an oversold situation, so a continuation of the fall is technically possible. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are more than the average volumes over the last 10 days.
MOVEMENTS AND LEVELS
The index is oriented to the downside. It is under its 50-day moving average located at 7455.88. The 20-day moving average (lower than the 50-day moving average) is maintaining the prices under medium-term sell pressure. Our first support is at 7243.61 PTS and the next is at 7180.41 PTS; the resistances, located at 7622.78 PTS and at 7685.98 PTS must be exceeded for the trend to undergo a reversal.