FxWirePro: FTSE100 forms Bullish Gartley Pattern, good to buy on dips
Harmonic pattern: Bullish Gartley pattern. Potential Reversal Zone (PRZ) -7090 The index forms a temporary top around 7449 on Mar 17th 2017 and continuously declining from that level. FTSE100 made a low of 7114 and sligh…
The index forms a temporary top around 7449 on Mar 17th 2017 and continuously declining from that level. FTSE100 made a low of 7114 and slightly jumped from that level.
It has formed Bullish Gartley pattern in the 4 H chart and any minor weakness can be seen only below the PRZ 7090.Any break below targets 7011 (200- day MA)/6930 (61.8% retracement of 7449 and 6609).
On the higher side , near term resistance is around 7193-7196 (23.6% retracement of 7449 and 7114 and 100- day EMA) and any break above targets 7261 (daily Tenken-Sen)/ 7285 (55- day EMA).
It is good to buy on dips around 7135 with SL around 7090 for the TP of 7250
