FTSE100 - A look at the daily chart

The movement on the FTSE100 daily chart suggests that a long awaited pullback could be underway. However, the recent run up has left plenty of room for a minor pullback before the upward trend continues. The MACD indicator has turned negative, but is quite a way from the zero line, a crossover at that point being bearish. Even if it falls that far it doesn't necessary indicate that we are in a sustained bearish move. That would take a downtrend with some lower highs coming in and new support points not holding. For now, the FTSE could fall to around 6100, an old area of resistance from 2011 and now potential support, and still be in an uptrend.

FTSE100