FTSE100 trades above 7000 level, jump till 7300 likely
Major resistance- 7000 (PschycPsychological). Major support – 6880 (9 day EMA). The index breaks major pschycological level 7000 and jumped sharply till 7039 at the time of writing. Any break above 7000 confirms major bu…
The index breaks major pschycological level 7000 and jumped sharply till 7039 at the time of writing. Any break above 7000 confirms major bullishness, a jump till 7147/7306.
The index is trading well above daily Tenkan-Sen (6880) and Kijun-Sen (6821). Any break below daily Tenkan-Sen (6880) will drag the index down till 6820 (daily Kijun-Sen)/6765 (55- day EMA). Short term weakness can be seen if it closes below 55- day EMA.
On the higher side, any break above 7000 will take the index till 7000/7147 (161.8% retracement of 6956 and 6646) level/7303 (1.13% retracement of 7122 and 5870).
It is good to buy on dips around 7000 with SL around 6880 for the TP of 7147/7300.
