FxWirePro: FTSE100 breaks trend line support, dip till 7195 likely
FTSE100 has formed a temporary top around 7559 and started to decline sharply from that level. The index dipped till 7428 and is currently trading around 7450. The index’s short term trend line support has broken 7457 (t…
FTSE100 has formed a temporary top around 7559 and started to decline sharply from that level. The index dipped till 7428 and is currently trading around 7450.
The index’s short term trend line support has broken 7457 (trend line joining 7193 and 7234) and this confirms minor weakness. Any convincing break below trend line support will drag the FTSE100 down till 7408 (233- day MA)/7334 (61.8% Fibo)/7193.
The near term resistance is around 7560 and any break above will take the index till 7623 (161.8% fibo)/7725 (161.8% fibo).
Overall bullish continuation only above 7600.
It is good to sell on rallies around 7500-7510 with SL around 7560 for the TP of 7335/7195.
