FTSE100: Sell on rallies

• Major resistance- 6780 (Jul 27th high)
   
• The index has retreated after making a high 6770 at the time of writing and started to decline from that level. It is currently trading around 6718.
   
• Short term weakness can be seen only if FTSE100 closes below 55 4H EMA. The index has made a low of 6690 on Friday and jumped from that level.
   
• On the higher side, any break above around 6780 will take the index to 6814 (161.8% retracement of 6743 and 6610)/6850.
   
• The minor support is around 6680 (55 4H EMA) and any close below targets 6610 (Jul 15th low)/ 6553 (61.8% retracement of 6742 and 6433)/6500.

It is good to sell on rallies around 6725-6730 with SL around 6780 for the TP of 6610/6555