FxWirePro: FTSE100 upside capped by 23.6% fibo, good to sell on rallies
Major support – 7130 (resistance turned into support). Major resistance – 7360 FTSE100 slightly recovered till 7177 from the low of 7129. It is currently trading around 7171. The index upside is capped by 23.6% retraceme…
Major support – 7130 (resistance turned into support).
Major resistance – 7360
FTSE100 slightly recovered till 7177 from the low of 7129. It is currently trading around 7171.
The index upside is capped by 23.6% retracement and any break above confirms minor bullishness.
On the higher side, resistance is around 7183 (23.6% retracement of 7359 and 7129) and any break above will take the index to next level till 7220 (30- day EMA)/7260/7359 (Jan 16th 2017 high).
The break below the low formed yesterday 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 0
