FxWirePro: FTSE100 forms temporary top around 6950, good to sell on rallies
Tuesday, September 6, 2016 9:25 AM UTC
- 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