FxWirePro: FTSE100 struggles to break above 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 6930 yesterday. It is currently trading around 6888. FTSE100 is facing strong resistance at 6950 a…
The index has retreated from the high of 6930 yesterday. It is currently trading around 6888.
FTSE100 is facing strong resistance at 6950 and any break above 6950 will confirm minor bullishness. Any break above 6950 will take the index to next level till 70007103 (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 6780/6720/6693 (50-day MA).
It is good to sell on rallies around 6890-6895 with SL around 6950 for the TP of 6730/6670
