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Add as a preferred source on Google FxWirePro: FTSE100 faces resistance at 10-day MA, good to sell on rallies Major resistance – 6956 (Aug 15th 2016 high). Major support – 6800. The index formed a temporary top around 6956 on Aug 15th and started to decline from that level. It is currently trading around 5818. Short term trend i…
By FxWirePro Team Aug 25, 2016, 6:43 AM UTC
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Major resistance – 6956 (Aug 15th 2016 high).
Major support – 6800.
The index formed a temporary top around 6956 on Aug 15th and started to decline from that level. It is currently trading around 5818.
Short term trend is weak as long as resistance 6880 (10 –day MA) holds. Any break above 10-day MA will take the index to next level till 5955/6000.
On the lower side, support stands at 6800 and break below will drag the index down till 6730 (34- day EMA)/6668 (23.6% retracement of 5727 and 6956).
It is good to sell on rallies around 6825-6830 with SL around 6880 for the TP of 6730/6670
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