FTSE100

FTSE contract for June delivery remains congested under 7500 barrier which resisted several attacks so far, but the price is holding near barrier, after shallow dips were contained above initial support, rising 10SMA at 0.7446.
Firm bullish setup of daily technicals is weighted by strongly overbought conditions, which may trigger stronger pullback on bearish signal (reversal of RSI / slow stochastic) and break below 10SMA.
Extended congestion under 7500 barrier could be likely near-term scenario, before the price gets stronger direction signal.
Firm break above 7500 pivot would signal extension of current wave C of five-wave cycle from 7032, towards its Fibonacci expansion targets at 7522 (176.4%) and 7573 (200%).

Res: 7491; 7505; 7522; 7571
Sup: 7557; 7446; 7425; 7371