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FTSE 100: Rejection at 2014 high

Since the beginning of the year the index gained in excess of 11.5% but last week fell more than 0.5% although is in a bullish phase since the end of June.

Last week the index fell with a narrow range and closed near the low of the week, however closed within the previous week range, which suggests being slightly on the bearish side of neutral.

The stochastic continues to show an extreme overbought market and is displaying lack of momentum.

Expecting an upward move to the 2015 high at 7,085 (scenario 1) on a break above the previous week high at 6,947 however a break below the weekly resistance at 6,810 could drag the index down to a key level at 6,565 (scenario 2).