FxWirePro:FTSE100 downside capped by 10 –day MA,good to buy on dips
Major resistance – 7130 (Oct 11th high) Major intraday support -6995 (10- day MA) The index breaks minor resistance at 7050 and slightly jumped till 7084 at the time of writing from that level. FTSE100 closed above 7000 …
The index breaks minor resistance at 7050 and slightly jumped till 7084 at the time of writing from that level. FTSE100 closed above 7000 level for the past six trading session. It confirms minor bullishness , a jump till 7300 is possible.
On the higher side, index is facing resistance at 7130 the temporary top formed on Oct 11th 2016 and any break above targets 7300 level.
The major intraday support of the index stands at 6995 (10- day MA) and any break below targets 6940 (21- day EMA). Short term trend reversal only below 6610.
It is good to buy on dips around 7035-7040 with SL around 6980 for the TP of 7130/7300.
