FTSE100 is in a downtrend bouncing just above the support at around 7,405. Negative RSI sentiment indicates FTSE 100 could have a go at the support. However, the Index is more likely to be rangebound between 7,400 and 7,632 the next few weeks bouncing from around the 200 Moving Average and the 55 Moving Average.
A close above 7,632 there is strong overhead resistance with the 55 and the 100 Moving Averages coming down. Adding to that the strong resistance at around 7,800.
If FTSE100 takes out both the lows from last week and the strong support at around 7,405 March trough at around 7,206 is in sight.