The FTSE 100 experienced a strong rejection along the upper trendline once again. Are the bears back in control?

Taking a look at the FTSE 100 as we can see it had a strong rejection along the upper trendline once again. Currently, the UK index is trading at around 7,412 and we can see that the bias has turned bearish once again. The next support level sits at 7,368 and a break below could see the index slide towards the lower trendline for the third time since March. Highlighted by the green ovals, we can see that support has held out on a couple of occasions, this led to a rally created by the build of optimism from the bulls. However, we can see the resistance has been overpowering, which is not a good sign for the index in the near-mid term, As it is approaching a key support level (7,368), we may see a small bounce testing the resistance levels of 7,449, 7,459 and maybe even 7,481. Unless those levels are broken, the bias indicates that we should see the index fall below 7,36 and head lower. Nevertheless, this is not guaranteed. If we look at the technical indicators, we can see that the MACD is now strongly negative and the RSI reads 34, both support the bearish bias.