FxWirePro: FTSE100 forms double top around 7400, good to sell on rallies
Major resistance- 7400 (Double top). Major support – 7295 (trend line joining 6678 and 7192). FTSE100 has recovered sharply from the low of 7264 and jumped till 7391 at the time of writing. It is currently trading around…
Major support – 7295 (trend line joining 6678 and 7192).
FTSE100 has recovered sharply from the low of 7264 and jumped till 7391 at the time of writing. It is currently trading around 7371.
The index formed double top almost at 7400 and started to decline from that level. On the higher side, 7400 will be acting as major resistance and any break above will take the index till 7425/7482 (161.8% retracement of 7399 and 7264.
The minor near term support is around 7360 (23.6% retracement of 7391 and 7264) and any break below will drag the index down till 7315 (21- day EMA)/7295/7265 (Mar 9th 2017 low).
It is good to sell on rallies around 7375 with SL around 7405 for the TP of 7320/7295
