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FxWirePro:FTSE100 downside capped by 7320 level, good to sell on rallies

Wednesday, March 8, 2017 12:17 PM UTC

Major support – 7322 (Resistance turned into support)
Major resistance -7400
FTSE100 hits fresh all time high of 7400 in the previous week and started to decline from that level. It is currently trading around 7322.
Any bullish continuation can be seen only above 7400 and any break above targets 7427 (161.8% retracement of 7399 and 7351).
On the lower side, any break below 7320 will drag the index till 7294 (21- day EMA)/7245 (50% retracement of 7090 and 7399).

It is good to sell on rallies around 7355-7360 with SL at 7400 for the TP of 7285/7240.

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FxWirePro:FTSE100 downside capped by 7320 level, good to sell on rallies

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