FxWirePro: FTSE100 upside capped by 21- day MA, good to sell on rallies
Major support – 7130 (resistance turned into support) Major resistance – 7210 (10- day MA). FTSE100 is trading in narrow range between 7129 and 7205 for the past four trading session. It is currently trading around 7160.…
Major support – 7130 (resistance turned into support)
Major resistance – 7210 (10- day MA).
FTSE100 is trading in narrow range between 7129 and 7205 for the past four trading session. It is currently trading around 7160.
The index upside is capped by 21 – day MA and any break above confirms minor bullishness.
On the higher side, resistance is around 7210 (21- day MA) and any break above will take the index to next level till 7271 (61.8% retracement of 7359 and 7129)/7359 (Jan 16th 2017 high).
The break below the low formed on Jan 23rd 2017 confirms major weakness, a decline till 7071 (38.2% retracement of 6606 and 7359)/7000.
It is good to sell on rallies around 7170-7180 with SL around 7220 for the TP of 7075/7000
