FTSE100 was trading within channel for past 3- weeks with top at 7788 and bottom around 7486. The index recovered slightly from the low of 7486 made on Jun 25th 2018 till 7706. This shows lower high and higher low format…
FTSE100 was trading within channel for past 3- weeks with top at 7788 and bottom around 7486. The index recovered slightly from the low of 7486 made on Jun 25th 2018 till 7706. This shows lower high and higher low formation. So it is good to sell on rallies. The index is currently trading around 7580.
The near term support is around 7530 and any break below will take the index down till 7485/7449 (200- day MA)/7402 (100- day MA).
On the higher side, major intraday resistance is around 7605 (200- H MA) and any breka above will take the index till 7641 (61.8% fib)/7706 (Jun 29th 2018 low).
It is good to sell on rallies around 7605-10 with SL around 7650 for the TP of 7486/7450.
