FxWirePro: FTSE100 upside capped by 7- day MA, good to sell on rallies
Major support – 7130 (resistance turned into support). Major resistance – 7360 FTSE100 shown a slight jump above pschycological level of 7200 from the low of 7129 made on 23rd Jan 2017. It is currently trading around 716…
Major support – 7130 (resistance turned into support).
Major resistance – 7360
FTSE100 shown a slight jump above pschycological level of 7200 from the low of 7129 made on 23rd Jan 2017. It is currently trading around 7169.
The index upside is capped by 7 – day MA and any break above confirms minor bullishness.
On the higher side, resistance is around 7225 (7- 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 yesterday confirms major weakness, a decline till 7071 (38.2% retracement of 6606 and 7359)/7000
It is good to sell on rallies around 7175-7180 with SL around 7225 for the TP of 7075/7000
