FTSE maintains short-term bearish tone - FXStreet

UK stock market remained closed this Monday in observance of a local holiday, the May Day. The latest registered close of the Footsie was last Friday at 6,241.89, and currently stands a few points above it, as futures trading saw little action during a lackluster European session.

FTSE technical perspective

“The daily chart shows that the index is trading below the 20 DMA, but above the 200 DMA, this last a strong dynamic support at 6,209, while the technical indicators remain flat around their mid-lines with no clear directional strength, suggesting further declines are yet to be confirmed”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, a mild bearish tone prevails, as the index has been capped by a bearish 20 SMA, while the technical indicators hover within bearish territory. The decline can extend down to the 6,100 region this Tuesday, particularly if oil continues sliding.”

Support levels: 6,209 6,157 6,101. Resistance levels: 6,310 6,368 6,440.