FxWirePro: FTSE100 faces strong trend line support at 6720, good to buy on dips
Major resistance- 7000 Major support - 6720 (trend line joining 5727 and 6609) The FTSE100 index is trading in narrow range between 6889 and 6752 for the past six trading session. It is currently trading around 6797. On …
Major support - 6720 (trend line joining 5727 and 6609)
The FTSE100 index is trading in narrow range between 6889 and 6752 for the past six trading session. It is currently trading around 6797.
On the lower side, any break below 6720 will drag the index down till 6610 (Nov 9th low)/6520 (200- day MA).
The major resistance is around 7000 and any indicative break above will take the index till 7130/7300 (127.2% retracement of 7130 and 6609). The minor resistance is around 6845 (55-day EMA)/6931 (61.8% retracement of 7130 and 6609).
It is good to buy on dips around 6770-75 with SL around 6700 for the TP of 6930/7000
