The FTSE100 was lacklustre last week, my view hasn't changed drastically as the MACD still in bearish mode and momentum downtrend holding. The bulls should be a bit more encouraged however, by the recovery seen on Thursday and confirmation of the bearish rejection on the Friday. For the time being we are very much stuck in the 6650 - 6550 range waiting for a breakout on either side, till then will be sitting on our hands.
Increasing the granularity we've got a couple of shapes forming with a double top but the RSI and MACD working in opposite directions so isn't particularly clear either.
Best advice it to play the range whilst keeping an eye on a break out on the daily's range.
Charts sourced from IG Index
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