FTSE 100 Technical Analysis Report 11 May, 2021

• FTSE 100 reversed from resistance zone
• Likely to fall to support level 6845.00

FTSE 100 index under the bearish pressure after the price reversed down from the resistance zone lying between the major long-term support level 7150.00 and the upper daily Bollinger Band. The downward reversal from this resistance zone created the daily candlesticks reversal pattern Bearish Engulfing.

Given the bearish divergence on the daily RSI indicator and the the deterioration of the risk sentiment across the equity markets today – FTSE 100 index can be expected to fall further toward the next support level 6845.00 (former powerful support from January, March and April).

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