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FxWirePro: FTSE100 forms temporary top around 6950, good to sell on rallies

  • Major resistance – 6956 (Aug 15th 2016 high).
     
  • Major support – 6693 (50- day MA).
     
  • The index has retreated from the high of 6923 made yesterday. It is currently trading around 6865.
     
  •  FTSE100 is facing strong resistance at 6950. Any break above 6950 will take the index to next level till 7000/7103 (161.8% retracement of 6930 and 6722).
     
  • On the lower side, support stands at 6825 (daily Tenken-Sen) and break below will drag the index down till 6783/6720/6693 (50-day MA).

    It is good to sell on rallies around 6890-6895 with SL around 6950 for the TP of 6730/6670
  • Market Data
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