FxWirePro: FTSE100 faces strong support at 6600, good to buy on dips
Potential Reversal Zone - 6610 The index has formed triple bottom around 6600 and started to jump from that level. It is currently trading around 6792. The index jumped till 6999 and started to fall from that level. FTSE…
The index has formed triple bottom around 6600 and started to jump from that level. It is currently trading around 6792.
The index jumped till 6999 and started to fall from that level.
FTSE100 is facing strong resistance at 7000 and any break above will take the index till 7130/7306 (1.13% retracement of 7127 and 5494)/7470 (161.8% retracement of 7130 and 6611).The minor resistance is around 6835 (5- day MA)/6865 (55- day EMA).
The minor support is around 6700 (88.6% retracement of 6646 and 7130) and any break below will drag the index down till 6611/6431 (Jul 6th 2016 low).
It is good to buy on dips around 6700 with SL around 6640 for the TP of 6855/6925
