FxWirePro: FTSE100 trades slightly above major resistance, good to buy on dips
Major resistance- 6956 (Aug 15th 2016 high). Major support – 6793 (daily Kijun-Sen). The index has once again recovered sharply from the low of 6809 made on Friday. It has also broken the major resistance 6956 the high f…
The index has once again recovered sharply from the low of 6809 made on Friday. It has also broken the major resistance 6956 the high formed on Aug 15th 2016 and jumped till 6980 at the time of writing.
FTSE100 has taken support near daily Kijun-Sen and recovered from that level. Any break below daily Kijun-Sen (6793) will drag the index down till 6747 (55- day EMA). Short term weakness can be seen if it closes below 55- day EMA.
On the higher side, any break above temporary top will take the index till 7000/7147 (161.8% retracement of 6956 and 6646) level.
It is good to buy on dips around 6855-60 with SL around 6747 for the TP of 7000/7145.
