Since the beginning of the year the index fell more than 0.5% however last week rallied more than 3.0%.
Last week the index initially fell but found enough support to trim all its loses and close near the high of the week, in addition managed to close above previous week high, suggesting a strong bullish momentum.
The Stochastic is showing a strong bullish momentum although is still below the 50 mid line.
The FTSE100 is in a well-established bearish phase since the beginning of December 2015 in addition managed to close above the 10-week moving average however is still below the 50 and the 200-week moving averages.
Expecting an upward move to a weekly resistance at 6,277 (scenario 1) on a break above the previous week high at 6,075 and a bounce from a weekly resistance at 6,277 could push the index down to a key level at 6,042 (scenario 3).