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FxWirePro: FTSE100 faces strong resistance at 200- HMA, good to sell on rallies

Monday, August 29, 2016 9:17 AM UTC

Major resistance – 6865 (200 day MA).
Major support – 6800
The index has recovered after making a low of 6777 yesterday. It is currently trading around 6798.
FTSE100 is facing strong resistance at 6865 (200 –HMA) and any break above 6865 will confirm minor bullishness. Any break above 200-HMA will take the index to next level till 5955/6000.
On the lower side, support stands at 6750 and break below will drag the index down till 6668 (23.6% retracement of 5727 and 6956)/6610 (Aug 8th low).

It is good to sell on rallies around 6825-6830 with SL around 6880 for the TP of 6730/6670

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FxWirePro: FTSE100 faces strong resistance at 200- HMA, good to sell on rallies

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