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PIA First is reportedly looking to sell the FTSE 100 index (INDEXFTSE: UKX), citing key technical factors that suggest a bearish trend for the stock market benchmark.

The firm noted that previous support levels are located at 7800, with resistance at 7880, indicating a potential downturn in the near future.

Additionally, PIA First stated that the FTSE 100 is trading near the end of an ascending Ending Wedge Formation, and a move through the 7800 level would confirm a bearish momentum.

Above image is courtesy of PIA First and IG.

Despite this bearish outlook, Autochartist, a technical analysis firm, has identified a rising Wedge pattern on the FTSE 100, signalling a short-term buying opportunity.

The pattern is still forming, and Autochartist predicts possible bullish price movement towards resistance at 7915.9 within the next two days.

The conflicting technical analyses have left investors uncertain about the direction of the FTSE 100. PIA First highlighted that momentum is flat, indicating a lack of clear direction for the index.

Meanwhile, Autochartist's bullish outlook suggests that the FTSE 100 may still have some upside potential in the short term.

Above image is courtesy of Autochartist and IG.

Turning to the London market, it has been announced Guinness maker Diageo (LON: DGE) has announced plans to drop its listing in Ireland and Paris.

"That means the drinks giant will instead be focussed on its London listing and secondary listing in New York. While the optics of the Guinness brand saying goodbye to Ireland may appear out of step, the reality is that maintaining multiple listings in different jurisdictions is complex and expensive," says Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.

She says stepping away is the right move operationally and the move confirms Diageo's efforts to double down on its commitment to London in recent times.

The company is building a £73m brewery and tourist centre in Covent Garden which is opening in autumn.

"Diageo’s unrivalled stable of brands makes it well-primed to capitalise off loyal fans through alternative revenue sources, like physical experiences. This should be a longer-term source of income for the group and sets it apart from smaller players," says Lund-Yates.

Global markets have meanwhile found support over recent hours after a surprise fall in U.S. producer prices reignited hopes that the interest rate hiking cycle may be approaching an end.

The S&P 500 moved higher by 1.3% in the wake of the data and the Nasdaq rose close on 2%.

"However, futures have eased as investors take a breath before a slate of bank earnings later today. With the recent banking turmoil still front of minds, these accounts will be given very close attention. The mood music is slightly positive which led to gains in Asian equity markets and is expected to feed into momentum on the European and UK indices today," says Lund-Yates.