The FTSE 100 is now approaching the support along the 50-day moving average (7,572). FTSE attempted to break through the 20-day MA earlier but the resistance held out.

The FTSE 100 index is now approaching the support along the 50-day moving average (7,572). Currently trading at round 7,573. FTSE attempted to break through the resistance of 7,615 (20-day MA) earlier, but the resistance held out and bears remain in control. A break and close below the 50-day MA could see the index slide lower towards the next key support level of 7,555. If consolidation along the 50-day MA occurs, we would then look towards resistance levels of 7,600 and then once again the 20-day MA point of 7,615. A break above 7,615 could see a move towards the tough resistance along the 100-day MA (7,631). The technical indicators are both currently negative, with the RSI reading 41 and faltering.